Economic Injury Disaster Loans and Loan Advance
The SBA Economic Injury Disaster Loan Program offers low-interest federal disaster loans for working capital to certain small businesses suffering substantial economic injury as a result of COVID-19.
This program is open until September 30, 2020, but you should apply as soon as possible.
- Loans up to $2M with rates of 3.75%, or 2.75% for nonprofits
- Loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid due to COVID-19
- Repayment terms of up to 30 years
- Loans advances of up to $10,000
- Loan advance does not need to be repaid
- Funds made available within three days of a successful application
- 2019 tax return if filed, OR
- 2019 year-end profit/loss statement and balance sheet with most recent tax filing
- 2020 YTD profit/loss statement
Complete an application on the SBA website.