EIDL Program (Economic Injury Disaster Loan)
· The SBA has a program that potentially is providing up to 30 year loan amortization at a 3.75% rate for disaster recovery on the coronavirus.
· The SBA’s disaster relief page lists current states and territories that have been declared a disaster. This is a required step for businesses within those areas to begin to apply for the aid, but the agency recently relaxed those standards. (https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-0)
· This is the link to apply for an Economic Injury Disaster Loan that can provide up to $2 million: https://disasterloan.sba.gov/ela/
· Below is information on what is required. Late last night/early this morning the SBA materially streamlined its disaster loan application process.
· All 50 states have now been classified as disaster areas and the SBA has a program for disaster areas that is potentially providing up to 30 year loan amortization at a 3.75% rate for business disaster recovery on the coronavirus.
· The SBA requires you apply online… the system is overwhelmed, so there is no guarantee on timing. Once you submit, you cannot amend. Be certain to keep the confirmation number when you submit the application. Once you submit, it may be several weeks before you hear from the government.
This is the link for guidance from the SBA: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-0
