Small Business Owner’s Resources during COVID-19 Crisis

Economic Injury Disaster Loans & Emergency Economic Injury Grants

Economic Injury Disaster Loans (EIDL) through SBA provide low interest loans of up to $2 million with principal and interest deferment at the SBA’s discretion. 

In addition, Emergency Economic Injury Grants provide an emergency advance of up to $10,000 to small businesses and private non-profit organizations affected by COVID-19 within 3 days of applying for SBA’s EIDL loan.

SBA Loan

All small business owners in the U.S. states and territories are eligible to apply for long-term, low-interest loan due to impact of COVID-19.  You are eligible for the EIDL if you are:

  • Sole proprietor with or without employees
  • Independent Contractor
  • Cooperative and employee owned business
  • Tribal small business
  • Small agricultural cooperative
  • Private non-profit (Most)
Credit Requirements for Disaster Loan

CREDIT HISTORY: Must have existing credit history acceptable to SBA.

REPAYMENT: Applicant must be able to show their ability to repay the loan.

COLLATERAL: Collateral is required for loans over $25K. Real estate as collateral is acceptable if available. If collateral is not available, SBA will require the borrower to pledge collateral that is available.

Disaster Loan Details

INTEREST RATE: Maximum rate is 3.75%

LOAN TERMS: Up to 30 years

LOAN AMOUNT LIMIT: Up to $2,000,000*

*If a business is a major source for employement, SBA can waive the $2,000,000 statutory limit

LIMITATIONS: Disaster loan cannot be used to refinance long term debts

INSURANCE REQUIREMENTS: SBA requires borrower to obtain and maintain appropriate insuranace. Borrower’s damaged or collateral property located in special flood hazard area much purchase and maintain flood insurance.


Link below will directly open Small Business Administration COVID-19 EIDL application. During the application process, you will have an opportunity to opt-in for the $10,000 Emergency Economic Injury Grant


Small Business Debt Relief

Provides immediate relief to small businesses with non-disaster SBA loans. These loans include 7(a), 504, and micro-loans including principle, interest, and fees for 6 months.

Apply for SBA Loans

Provides low interest loans of up to $2 million and emergency advance of up to $10,000 to small businesses and private non-profits affected by COVID-19 within 3 days of applying for SBA Economic Injury Disaster Loan.

Paycheck Protection Program

Provides cash-flow assistance through 100% federally guaranteed loans to employers who maintain their payroll during this emergency period. IF employers maintain their payroll, the loans will be forgiven.

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