Small business owners can apply for disaster assistance

Published: Mar. 17, 2020 at 6:12 PM EDT
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Small business owners in Maine are now able to apply for disaster assistance.

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital.

We spoke with SBA New England Regional Administrator Wendell Davis.

He tells us this is loan isn't about recovering profits but to make sure owners have capital on hand to meet needs like payroll.

"This has dramatically impacted so many small businesses. Their revenue has, in some cases, fallen off a cliff where it's 80, 90 percent losses in revenue so we understand that and we're here to help," said Davis.

Funds could be available in 13 to 21 days.

They're offering up to two million dollars with varying loan terms and lengths.

Small business owners can apply for