LITTLE ROCK, Ark. (News Release)— On Friday, June 5 at noon, the application opens for a second round of zero-interest, forgivable small business loans through the Small Business Emergency Assistance Program (SBEAP).
Residents may find the application and apply at LittleRock.gov/covid19 by clicking the Small Businesses button.
The SBEAP is funded by the Coronavirus Aid, Relief, and Economic Security (CARES) Act from the
Department of Housing and Urban Development’s Community Development Block Grant Program.
Small businesses, including sole proprietorships, corporations, or limited liability corporations, that have been negatively impacted by COVID-19 may apply for a forgivable loan up to $5,000 at zero interest.
There are no payments during the first year. If jobs are retained, created, or restored and still exist after one year, the loan is forgiven upon verification.
Other requirements include:
- Must be listed in the dataset of active businesses registered in Little Rock
- Must either have been in business more than two years and have 20 or fewer employees
- Or be a for-profit micro-enterprise business with five or fewer employees including the owner and owner must earn a household annual income up to or less than 80% of the area median income
- Applicant must be a directly affected small business or micro-enterprise business identified in Governors Proclamation E.O. 20-13, dated April 4, 2020
- Must have documented business income loss, including business income comparisons and narrative description of impacts
Questions may be directed to Doris Turner at 501-371-6825 or firstname.lastname@example.org.