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Sterling, VA -- Today, the Small Business Administration implemented a statewide Economic Injury Disaster Loan declaration, following a request by Virginia Governor Ralph Northam, which would provide assistance in the form of SBA Economic Injury Disaster Loans to Virginia businesses impacted by the COVID-19 outbreak. Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

“In the blink of an eye, small businesses across my district have been forced to confront unprecedented economic upheaval in the midst of a pandemic,” said Congresswoman Jennifer Wexton. “I’m committed to doing everything in my power to help these businesses keep their doors open and their employees on payroll. Making federal SBA disaster loans available is an important -- but not final -- step to help small businesses in my district weather this crisis. I want Virginians to know that I’m fighting every day to get them the resources they need to recover and my office is ready to support them every step of the way. ”

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the impact of COVID-19. 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%. SBA offers loans with 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.  

Businesses can apply for disaster loans here.

Small business owners can also contact their local Small Business Development Center or Small Business Administration field office for assistance; information on SBA resource partner sites can be found here.

Employees who have been laid off or lost hours due to COVID-19 can find resources on available benefits via the Virginia Employment Commission here. Self-employed individuals are also eligible for benefits via a refundable income tax credit created by the Families First Coronavirus Response Act that Wexton helped pass and was signed into law by the President earlier this week. 

Up to an additional $7 billion was made available to SBA for disaster relief loans following the passage of the bipartisan Coronavirus Preparedness and Response Supplemental Appropriations Act, which Wexton supported and was signed into law by the President on March 6.

Wexton has compiled key information and updates as part of a resource guide for constituents navigating the COVID-19 outbreak. Constituents with questions or concerns regarding  COVID-19 or who require assistance from Wexton’s office in navigating federal or state resources for small businesses, should not hesitate to contact the Congresswoman. 

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