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Tom Neff, CPA , Tax Stockholder,  International Tax Chair and Chairman of the Board in Oakland.
Tom NeffCPA / Tax Partner / International Tax Co-Chair / Managing Partnerview bio

Small Businesses Impacted by COVID-19 Can Receive Federal Disaster Loans

Closed due to COVID-19 -- SBA loans may be available

RINA Accountants & Advisors would like you to know that that the U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to California small businesses and private, non-profit organizations suffering substantial economic injury as a result of the COVID-19.
 
The disaster declaration makes SBA assistance available in the following California counties:
 
Alameda, Alpine, Amador, Calaveras, Contra Costa, El Dorado, Imperial, Kern, Lake, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Mono, Napa, Orange, Placer, Riverside, Sacramento, San Bernardino, San Diego, San Francisco, San Joaquin, San Mateo, Santa Clara, Santa Cruz, Solano, Sonoma, Stanislaus, Sutter, Tuolumne, Ventura, Yolo.

 
Economic Injury Disaster Loans are working capital (rather than loans for physical damage) to help small businesses and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
 
Federal law limits these to $2,000,000 maximum for alleviating economic injury caused by the disaster, and the actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries up to the administrative lending limit. The SBA also considers potential contributions that are available from the business and/or its owner(s) or affiliates.
 
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the COVID-19. The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent.
 
The 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 assistanceinformation and download applications at the SBA website. 
 
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
 
RINA Accountants & Advisors is here to get you through these difficult times, so please reach out to us if we can help in anyway. We are here to be of service.

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