Blog

Home / Insights / Blog / Louisiana Eligible for SBA Loans to Help Mitigate COVID-19 Impact

Louisiana Eligible for SBA Loans to Help Mitigate COVID-19 Impact

by

Louisiana Gov. John Bel Edwards announced Thursday, March 19 that small businesses in all 64 Louisiana parishes can access federal Small Business Administration disaster aid in the wake of the COVID-19 crisis.

SBA Administrator Jovita Carranza confirmed Louisiana’s more than 440,000 small business are eligible to apply for up to $2 million in low-interest federal disaster loans per small business to help overcome the temporary loss of revenue they are experiencing related to the COVID-19 (coronavirus). The assistance is part of the Coronavirus Preparedness and Response Supplemental Appropriations Act recently signed by President Trump.

The list of states and counties can be found by clicking here.

These 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. Loan terms (3.75% interest rate for small businesses; 2.75% for nonprofits) may be extended up to 30 years. Click here for SBA eligibility and how to apply.

For additional information, please contact the SBA disaster assistance customer service center at 800-659-2955 or by email at disastercustomerservice@sba.gov.

As questions or concerns arise, we ask that you contact us so we can address them as quickly as possible to ensure we continue to meet your needs. As a reminder, you can always monitor our COVID-19 Updates webpage by clicking here for the latest or our social media accounts at LinkedInTwitter or Facebook. We hope you will monitor these regularly.

About Ericksen Krentel

Ericksen Krentel CPAs and Consultants, founded in New Orleans, Louisiana in 1960 with offices in New Orleans and Mandeville, believes that serving as the clients’ most trusted adviser is grounded in going beyond the numbers.

That includes helping clients achieve their business and personal financial goals by providing innovative and exceptional services in the following areas: audit and assurance services, tax compliance and planning, outsourced CFO services and business valuations for a variety of industries; employee benefit plan audits; fraud and forensic accounting; business planning; IT consulting; loss calculations; and estate planning.

Learn more at www.ericksenkrentel.com.

Related Blog Posts

COVID-19 Updates: What You Need to Know

As COVID-19 (coronavirus) continues to spread throughout the New Orleans metropolitan area, we want to provide you with information on the precautions we are taking to protect the welfare and safety of our clients and staff while still providing the efficiency and quality you expect from Ericksen Krentel.

SBA Issues New PPP Loan Forgiveness Applications, Guidance

With the Paycheck Protection Program Flexibility Act signed into law June 5, 2020, the U.S. Small Business Administration (SBA), in consultation with Treasury, has released a revised PPP Loan Forgiveness Application and a new EZ PPP Loan Forgiveness application to assist borrowers seeking forgiveness.