NOTE: The information presented here is subject to change. The specific details of these acts continue to be worked out and have changed several times already. Please do not rely solely on this information when taking action on them.
The Small Business Administration (SBA) is providing expanded funding for its Economic Injury Disaster Loan (EIDL) Program. Currently, all 50 states have been declared disaster areas and therefore qualifying businesses are eligible for these loans.
- Loans available up to $2 million.
- Loan interest rates are 3.75% for small businesses and 2.75% for nonprofits
(currently, there is no provision to lower the rates).
- Employers with 500 employees or less are eligible.
- Maximum loan term of up to 30 years (term is determined on a case-by-case basis).
- Must have applicable credit history.
- Must show ability to repay loan.
- Collateral is required for loans over $25,000. SBA accepts real estate as collateral when applicable. SBA will not decline a loan for lack of collateral and will require borrower pledge collateral that is available.
- NEW: A $10K fast track advance grant can be given on this loan type to get funds faster.
Please see our Corona Virus Emergency Relief Small Business Guide for more information.
Other SBA Programs that may be available: