The loans are meant to help businesses with expenses such as inventory, rent and payroll. They will be up to $2 million.
Interest rates on the loans will vary, with the lowest possible percentage being 3 percent for businesses and 2.75 percent for private nonprofits, for up to 30 years.
Business owners looking to file for the loans have an August 17 deadline for property damage loans, and a March 17, 2021 deadline to submit economic injury applications.
The loans will only be available for businesses damaged by the civil unrest, as the SBA reiterated that it is not for COVID-19 related losses.