SBA offering $2 million loans for businesses, nonprofits affected by COVID-19

Long Island small businesses and nonprofits that have been interrupted by the coronavirus are eligible for up to $2 million in aid from the U.S. Small Business Administration, the agency announced Thursday.

New York State was added to the list of areas eligible to apply for the SBA Disaster Assistance Loan under recently expanded criteria, which includes Nassau County and Suffolk County. Disaster assistance loans are typically only available to small businesses in counties identified as disaster areas.

According to the SBA website, the loans offer up to $2 million in assistance to help overcome temporary loss of revenue due to the coronavirus.

The interest rate is 3.75 percent for small businesses and 2.75 percent for nonprofits. Loan terms are determined on a case-by-case basis, but the SBA offers long-term repayment schedules up to 30 years to make payments affordable.

For more information or to apply for disaster relief, visit SBA.gov/Disaster.