Federal Loans Available For Businesses Impacted By 'Civil Unrest'

SEATTLE, WA — Small businesses in King County are eligible for federal disaster assistance loans if they were directly financially impacted by "civil unrest" between May 26 and June 30, officials announced Monday.

According to the news release, the disaster declaration was approved at the request of the governor. King County said more than 50 businesses had previously reported damages during the timeframe.

The low-interest loans are distributed by the Small Business Administration, and eligibility is determined by overall financial impact. According to the county, physical damage "is not taken into account when calculating loss."

Specifics of each loan are determined based on the financial condition of the borrower, and interest rates are set at 3 percent for small businesses and 2.75 percent for non-profits. Repayment terms can be up to 30 years.

Business owners can apply online until June 16, 2021. Those who need help with the application process can contact the Virtual Business Recovery Center by e-mail until 5 p.m., seven days a week.