The United States Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses in New York that are suffering substantial economic loss as a result of the coronavirus.

Eligibility for Economic Injury Disaster Loans is based on the financial impact of the coronavirus. The interest rate is 3.75 percent for small businesses. The interest rate for private not-for-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela.  Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call 800-877-8339. For complete details on SBA, visit www.sba.gov.

The application filing deadline is Dec. 21, 2020.