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 can be used to cover payroll, fixed debts, and other expenses up to $2 million per business.
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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.