The U.S. Small Business Administration (SBA) is providing low-interest loans to for-profit and non-profit businesses of all sizes.
U.S. Small Business Administration Fact Sheet – Economic Injury Disaster Loans
US Chamber Guide to SBA’s EIDL
US Chamber Guide to the Employee Retention Tax Credit
Listen to the Recording: SBA Economic Disaster Loan Programs Zoom Information Session
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for an Economic Injury Disaster Loan is Dec. 18, 2020.
For more information about available SBA resources and services, please visit: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
If you have a question in filling out the application, please contact John Skrobela on our Chamber team.
If you are looking for short-term capital to keep people working or to cover expenses ask your local bank if they are an SBA-preferred lender. If they are, the SBA Express program is offering bridge loans to those impacted by the outbreak. Loans of up to $25,000 are available for short term operating needs. Click here for more information.