Small Business Loans Available for Coachella Valley Due to COVID-19

Small Business Loans Available for Coachella Valley Due to COVID-19

Olivia Sandusky

COVID-19 is impacting companies throughout the country.

“We’re doing the best that we can, we have over 30 employees and we’ve had to lay of about 8 of them,” said Marty Webster, owner of Aspen Mills Bakery and Bread Company.

The Small Business Administration is offering disaster loans to provide support.

“I’m looking into it now, I don’t understand how that all works,” said Webster.

For those who are new to the process, Lee Osborne is a certified public accountant who says it all starts by logging on to disasterloan.sba.gov and clicking on apply online.

“Fill out the forms about who you are, what your business is, and all about that business. Then you’ll have to download your financial statement for 2019 as well as 2020,” said Osborne.

There are two main forms, the SBA 5C and IRS Form 4506.

Companies can apply for up to $2 million with an interest rate under four percent over 30 years.

The first year of payments are also deferred.

“Non-profits and churches can apply for this disaster loan as well, and their interest rate is lower than that 3.5% they’re at about 2.75%,” said Osborne.

Osborne encourages all California businesses with less than 500 employees to apply.

“Every business should right now you’ve got some that are doing just fine with the economy and its craziness, but I would look at it as well because you don’t know what will happen in the next six months,” said Osborne.

“We will try to take advantage of that if needed, that will help keep our employees employed,” said Webster.