Gov. John Bel Edwards announced on Thursday, March 19, 2020, that small businesses in all 64 Louisiana parishes will have access to federal Small Business Administration disaster aid in the wake of the COVID-19 crisis.

SBA Administrator Jovita Carranza confirmed that Louisiana’s more than 440,000 small business are eligible to apply for low-interest federal disaster loans, which will be made available to eligible firms suffering substantial economic injury as a result of the Coronavirus.

Impacted small businesses may apply for up to $2 million in working capital to pay for fixed debts, payroll, accounts payable, and other bills that can’t be paid because of the COVID-19 disaster. Loan terms (3.75 percent interest rate for small businesses; 2.75 percent for nonprofits) may be extended up to 30 years to keep payments affordable.

To get started immediately, visit SBA.gov/disaster. SBA offers a three-step process for disaster loans explained here. Louisiana Economic Development also is offering COVID-19: Business Resources, an online guide to assistance available for impacted businesses. Look for updates to the guide at OpportunityLouisiana.com.

The Terrebonne Economic Development Authority (TEDA) has activated a centralized call system for business questions related to the COVID-19 response. Businesses can call (985) 633-1887 weekdays from 9 a.m. to 4:30 p.m. or email bizresponse@tpeda.org for assistance.

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