Small businesses and non-profit organizations that have been impacted by the coronavirus outbreak can now apply for financial assistance for up to $2 million per applicant.

Late Friday afternoon, Tennessee received a declaration for economic injury disaster loan assistance from the U.S. Small Business Administration (SBA).

In Tennessee, more than 94% of private sector businesses have fewer than 50 employees. That’s 151,000 businesses in the state that employ more than one million Tennesseans in total.

Interest rates for the loans are 3.75% for small businesses and 2.75% for nonprofit organizations. The loans can be used to pay fixed debts, payroll, accounts payable or other bills that cannot be paid because of the impact of the coronavirus.

Applicants can apply online at www.sba.gov/disaster

For more information, applicants can call the SBA customer service center at 800-659-2955 or email [email protected]