SBA Emergency Loan for Business effected by COVID-19 Executive Orders
The SBA EIDL (Economic Injury Disaster Loan) application process was updated on 3/30/20. Sole proprietors can now apply.
Please use this updated site to apply: https://covid19relief.sba.gov/#/
- As reported last week, the U.S. Small Business Administration (SBA) is offering up to $1B in low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
- Low-interest loans of up to $2 million are available for small businesses and private non-profits.
- Unsecured loans up to $25K are also available.
- Loans may be used to pay fixed debts, payroll, accounts payable and other bills and have repayment options of up to 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
- Interest rates are 3.75% for small businesses and 2.75% for private non-profits.
- Need help filling out the application? Access these step-by-step instructions
- SBA Form 5 and/or SBA Form 5c for sole proprietorship – SBA loan application
- IRS Form 4506T – Tax Information Authorization for the applicant, principals and affiliates
- Complete copies of the most recent Federal Income Tax Return
- SBA Form 2202 – Schedule of Liabilities
- SBA Form 413 – Personal Financial Statement
- SBA Form 1368 – Monthly sales figures