Our highest priority is keeping Arizonans healthy, safe, and economically secure.
Arizonans: the fastest way to get assistance or info. from our office is to email email@example.com.
We understand this has been a very disruptive time for Arizona businesses of all sizes. We are working quickly to provide support for businesses disproportionately impacted by the COVID-19 outbreak. The Small Business Administration is making Disaster Loan Assistance available to Arizona businesses. This assistance will provide low-interest, long-term loans to businesses, private non-profit organizations, and property owners to help them recover.
The Small Business Administration’s authority to approve Paycheck Protection Program (PPP) loans expired on August 8, 2020. At this time, all small businesses are still eligible to participate in the Economic Injury Disaster Loan Program (EIDL).
ECONOMIC INJURY DISASTER LOANS
- The Small Business Administration has made low-interest federal disaster loans for working capital available to small businesses suffering substantial economic injury as a result of the Coronavirus.
- Small Businesses with 500 or fewer employees, sole proprietorships, independent contractors, cooperatives and employee owned businesses, tribal small businesses, and 501(c), (d), or (e) non-profits are eligible to apply.
- Economic Injury Disaster Loans (EIDL) offer up to $2 million in assistance to help overcome temporary loss of revenue. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. SBA offers loans with long term repayments, up to a maximum of 30 years. Terms are determined on a case-by-case basis.
- 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.
- To apply for an EIDL loan click HERE.
DEBT RELIEF THROUGH THE SMALL BUSINESS ADMINISTRATION
- To help businesses during this time, the Small Business Administration is automatically paying the principal, interest and fees for current 7(a), 504, and microloans until September 27, 2020. Additionally, SBA will automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
- For current SBA serviced Disaster Loans: If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020. If you have questions about your current loan, you can contact your Loan servicing office at (800) 487-6019 or ElPasoDLSC@sba.gov.
TRADITIONAL SBA LOANS
If you believe that an Economic Injury Disaster Loan does not match your needs, the Small Business Administration is ready to help you find the right lender. The SBA sets guidelines for its partnering lenders, community development organizations, and micro-lending institutions. Click HERE to find a lender who is right for you.
Not Sure What You Need?
It is okay to be overwhelmed. The SBA is ready to help. To access the SBA’s network of local partners who counsel, mentor, and train small business click HERE.
GUIDANCE FOR BUSINESSES AND EMPLOYERS
For those small businesses continuing to operate, it is important that you keep yourself, your employees, and your customers safe. The Centers for Disease Control and Prevention (CDC) offers the most up-to-date information: CDC Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus.
If you, one of your family members, one of your employees or one of their family members is sick, it is important that you are prepared to conduct a risk assessment to gauge potential exposures to others: CDC Guidelines for Managing and Conducting a Risk Assessment.
For employers experiencing a slowdown in their businesses as a result of the coronavirus
Your employees may be able to apply for the Arizona Shared Work Program. Employers can divide the available work or hours among a group of eligible employees rather than laying off workers, and employees can receive a portion of their UI benefits while working reduced hours. Employee eligibility will be determined by the Arizona Department of Economic Security.
It is unfortunate, but as a result of the coronavirus, there have been incidents of stigma and bias against people of Asian descent, those who have traveled, and emergency responders or healthcare professionals. As a business owner, it is important to protect yourself, your employees, and your customers against stigma and bias. Stopping stigma is important to making your community resilient: CDC Recommendations on Reducing Stigma.
Federal coronavirus-response legislation: click HERE.
Specific actions Kyrsten is taking on behalf of Arizona: click HERE.
Visit our main resources page: sinema.senate.gov/corona.