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The Small Business Administration (SBA) has authorized disaster assistance loans for small businesses impacted by the Coronavirus. The SBA is working directly with state governors to provide targeted, low-interest disaster recovery loans to small businesses severely impacted by the virus. There are new relaxed criteria for faster, easier qualification and statewide access following an economic injury declaration from the state.
Once a declaration is made, the information on the application process for Economic Injury Disaster Loan assistance will be made available to affected small businesses within the state.
These Economic Injury Disaster Loans offer up to $2 million in vital economic support to small businesses to help overcome the temporary loss of revenue. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses and 2.75% for non-profits.
SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined case-by-case, based upon each borrower’s ability to repay.
Steps to apply:
Please follow the steps below:
Items that will need to be submitted with the application:
You may also need:
How can we help?
Please note eligibility for this program is determined on a case-by-case basis and applications are reviewed in the ordered received. Currently, there has not been guidance concerning time frames for application acceptance or release of funds.
Please reach out to your UHY small business cpa if you have any questions regarding eligibility and benefits related to this program.