Apply online for an SBA EIDL www.SBA.gov/Disaster

Apr 02, 2020
Apply online for an SBA EIDL www.SBA.gov/Disaster

Apply online for an SBA EIDL

www.SBA.gov/Disaster

800-659-2955

The United States Small Business Administration’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response.

SBA offers Economic Injury Disaster Loans to small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations affected by the loss of revenue due to the Coronavirus. EIDLs provide the necessary working capital to help small businesses until normal operations resume. They do not replace lost revenue.

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The first payment on the economic injury loan issued due to the coronavirus will be automatically deferred for one year.

Small businesses can also receive counseling assistance throughout the country – SBA’s 68 District Offices, as well as our Resource Centers, including Small Business Development Centers, Women’s Business Centers, SCORE volunteers and Veterans Business Outreach Centers. Applicants have 9 months in which to apply for these loans. No fees. No closing costs. No prepayment. Additionally, SBA Disaster Loans for previous disasters that are still in repayment are deferred through end of 2020.

TERMS

Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

  • Loan amounts and terms (up to 30 years) are set by SBA and based on each applicant’s financial condition.
  • Interest rates are 3.75% for Businesses and 2.75% for PNPs
  • Economic Injury Disaster Loans are limited to $2,000,000, less business interruption insurance and other recoveries.

Apply online for an SBA EIDL

www.SBA.gov/Disaster

800-659-2955

Posted in COVID-19 Resource.