MONTPELIER, VT — Gov. Phil Scott recently announced Vermont small business owners suffering economic injury due the COVID-19 pandemic can apply for Small Business Administration (SBA) disaster loans, following a statewide disaster declaration.
SBA’s Economic Injury Disaster Loans (EIDL) offer up to $2 million in assistance per business, providing economic support to overcome temporary loss of revenue. EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75 percent for small businesses and 2.75 percent for private non-profit organizations, which are also eligible for EIDLs.