Goodlettsville small businesses affected by the COVID-19 virus may apply for Economic Injury Disaster Loans through the Small Business Administration
“As we navigate through the COVID-19 global pandemic, the City of Goodlettsville Economic & Community Development office will provide updates and resources for the business community as they are rolled out by Governor Bill Lee”, says Mary Laine Hucks, Director of Economic Development
Currently, small businesses, defined as having under 500 employees, may apply for Economic Injury Disaster Loans for up to $2 million to help meet financial obligations. These loans may be used to pay fixed debts, payroll, accounts payable and other operating expenses. The interest rate is 3.75 for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%. The loans offer long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. Right now the SBA is saying there will be a deferment of payment for the first year; this is not set in stone yet.
“It is the goal of the City of Goodlettsville to assist our local businesses in any manner possible as we go through this downturn in our local economy as a result of the COVID-19 virus”, said Tim Ellis, Goodlettsville city manager.
Here is the link to apply for the SBA Economic Injury Disaster Loan: https://disasterloan.sba.gov/ela
Delays are expected, and you may want to consider applying in off-peak hours, 7:00am to 7:00pm.
Applicants may also call the SBA’s Customer Service Center at 1-800-659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance.
All questions may be directed to the: City of Goodlettsville Economic Development Department