*UPDATE – SBA COVID-19 EIDL Disaster Loan
High-Level Recap (Updated 3/30/20)
SBA Economic Injury Disaster Loan (EIDL) loans (Apply direct thru SBA website):
- This program can provide up to $2 million of financial assistance at low interest rates (2.75% – 3.75%) along with deferral options and favorable amortization periods depending on your ability to pay.
- To qualify you must have sustained economic injury from the COVID-19 pandemic and be located in a disaster declared county.
- Business are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000
- The Loan application process has been streamlined since last week:
- Business will need to answer various questions about the company and its owners.
- No personal financial statements, tax returns, or schedule of liabilities would be required at this application stage
- Note: The signor shall authorize their insurance company, bank, financial institution, or other creditors to release to SBA all records and information necessary to process the application (inclusive of credit information about the individuals)
- If the loan is approved, additional information may be required prior to the loan closing
- Loan Advances of $10K will be made available within three days of a successful application, and this loan advance will not have to be repaid (Grant).
- Timing – The estimated time for completing this entire application is approx. 2hrs.
- For more details on the EIDL program see links below:
- To apply for a COVID-19 Economic Injury Disaster Loan, go to the link
- For the updated EIDL disaster loan application Instructions please click this link below.
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