SACRAMENTO – As an entrepreneur and a proponent of small business owners, Senate Republican Leader Shannon Grove (R-Bakersfield) released the following statement regarding the Small Business Administration (SBA) announcement to offer disaster assistance for small business owners during the Coronavirus (COVID-19) pandemic:
“Small businesses are the economic engine and backbone of California’s economy. The Coronavirus pandemic has put a financial strain on many job creators and workers. These much-needed low-interest loans will provide support for our small businesses until our economy rebounds from the effects of the Coronavirus. They will offer a hand-up to small business owners and provide a financial lifeline to those workers employed by the impacted businesses.
“My staff and I remain committed to serving the constituents of Senate District 16 during these difficult times. My team is working hard to share updated information and to direct constituents to the most up-to-date resources,” said Senate Republican Leader Shannon Grove.
The SBA said the interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
“SBA is strongly committed to providing the most effective and customer-focused response possible to assist California small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of the Coronavirus (COVID-19),” said SBA Administrator Jovita Carranza.
For more information about available SBA resources and services, please visit: www.sba.gov/coronavirus
