The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to Maine small businesses suffering substantial economic injury as a result of the coronavirus (COVID-19). SBA acted following a request from Gov. Janet Mills. SBA assistance is available in the entire state of Maine. The deadline to apply is December 16, 2020.

Small businesses, private nonprofit organizations of any size, small agricultural cooperatives and small aquaculture enterprises may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.

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.

Eligibility is based on the financial impact of COVID-19. The interest rate is 3.75 percent for small businesses. The interest rate for private nonprofit 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; these are available to entities without the financial ability to offset the adverse impact without hardship.

Applicants may apply, receive additional disaster assistance information, and download applications by visiting disasterloan.sba.gov/ela. Applicants may also call (800) 659-2955 or email disastercustomerservice@sba.gov for more information. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

For more information about available SBA resources and services, visit: sba.gov/coronavirus.