SBA loans
SBA - Economic Injury Disaster Loan (EIDL)
Source Small Business Administration
Types of businesses - Small business, small agricultural cooperative, most private nonprofit organizations
Availability - only to small businesses when SBA determines they are unable to obtain credit elsewhere
Amount - up to $2,000,000
Duration - not to exceed 3- years
Interest rate - not to exceed 4% per year
Repayment - term will be determined by your ability to repay the loan.
SBA Updates Criteria on States for Requesting Disaster Assistance Loans
Source Small Business Administration
U.S. Small Business Administration issued revised criteria for states or territories seeking an economic injury declaration related to Coronavirus (COVID-19).
Economic Injury Disaster Loan Program
Source Small Business Administration
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Lending process - credit check prior to funding; time frame 2-3 weeks
Interim Guidance for Businesses and Employers
Source Small Business Administration
“The interim guidance may help prevent workplace exposures to acute respiratory illnesses, including COVID-19, in non-healthcare settings. The guidance also provides planning considerations if there are more widespread, community outbreaks of COVID-19.”