SBA COVID-19 ECONOMIC INJURY DISASTER LOAN APPLICATION (updated 3/30/20)
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/#/
National Economic Injury Disaster Assistance Loans via SBA:
- 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
Here is a list of documents that you will need to complete the application. SBDC recommends that you complete your application online, however preparing these documents before entering the system will help streamline the process:
- 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