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Up to $2 million loans available to small businesses affected by coronavirus

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Posted at 4:44 PM, Mar 19, 2020
and last updated 2020-03-19 19:52:00-04

Arizona small businesses can now apply for an Economic Injury Disaster Loan, up to $2 million.

Gov. Doug Ducey announced Arizona's approval for the Small Business Administration federal program Monday.

Small businesses can use the loans to, "pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of COVID-19’s impact," a news release from the governor's office said.

The loans are 3.75% interest rate for businesses and 2.75% for nonprofits. The loans can be paid off over as long as 30 years.

Click here to apply.