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After delays, local small businesses soon eligible for disaster loans

by EMRY DINMAN
Staff Writer | March 17, 2020 11:45 PM

After initially not qualifying due to a mistake made on forms by the county commission, Grant County will soon be in the pool of Washington counties eligible for loans for small businesses impacted by the coronavirus.

The United States Small Business Administration announced Monday in a press release that it would be offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury due to the outbreak.

“Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” wrote SBA Administrator Jovita Carranza.

“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact,” Carranza added.

Initially, 32 of 39 counties qualified for the loans, but Grant County was not among them.

“I’m told their omission was one (technicality) that local governments are correcting,” wrote Mike Faulk, deputy communications director and press secretary with the office of Gov. Jay Inslee.

“SBA asked a handful of counties to fix their forms yesterday, which they did and we’ve already resubmitted the Governor request-letter this morning,” Faulk continued. “We anticipate all 39 counties will be eligible.”

Once approved, small businesses will be able to apply for loans with an interest rate of 3.75 percent, while private non-profits can apply for loans with an interest rate of 2.75 percent.

Applications are accepted online at disasterloan.sba.gov/ela, or by calling the customer service center at 1-800-659-2955. Individuals who are deaf or hard of hearing may call 1-800-877-8339.