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.

COVID-19 ECONOMIC INJURY DISASTER LOAN APPLICATION

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

ADDITIONAL RESOURCES

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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