How To Get A Small Business Loan From The COVID-19 Stimulus Bill | NBC News NOW

[Music] in order to slow the spread of the coronavirus state and local governments have told people to stay at home and in staying home it’s hurting local businesses and those local businesses have bills to pay over and over we’ve said over the last few days that the government is extending more loans to those businesses so let’s talk about what they are and how to get them the SBA that’s the US Small Business Administration is offering low interest rate federal disaster loans for businesses suffering as a result of the coronavirus the question is how do you get it of course things are expected to change but here are the resources to get you started SBA’s economic injury disaster loans they offer up to two million bucks in assistance these loans could be used to pay down debt payroll accounts payable and any other bills that you can’t pay because of what’s happening your business due to Corona the interest rate is 3.75 for small businesses that don’t have credit available elsewhere the rate for non profits 2.75 percent you might have to put up collateral such as real estate for a loan bigger than 25 brand so please look at your finances carefully and make a plan to pay off your debt as soon as you can here’s what else you need to know these loans are regional so make sure when you’re applying you’re applying for the right one here’s where to go disaster loan slash ELA slash that’s how you get your application started so only a few pages and it’s mostly your income information you can also apply for a private loan but that could come at a higher interest rate right now a lot of things are up in the air state governments and the SBA are working together to figure out how much money is actually up for grabs but I can tell you this if you don’t apply soon you’re not gonna get it quickly there are so many companies so many businesses trying to apply for these loans and the government right now is trying to figure out how we’re gonna get all that money out we don’t go out rent to pay we know you have bills to pay we don’t have all the answers yet we’re gonna try to keep getting them for you stay with us hey NBC News viewers thanks for checking out our YouTube channel subscribe by clicking on that button down here and click on any of the videos over here to watch the latest interviews show highlights and digital exclusives thanks for watching