What is it?
These loans have two components:
- The Loan – Working capital loans of up to $150,000 to provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
- The Advance – An Economic Injury Disaster Loan advance of up to $10,000.
Want to get the best pricing you can on a loan? Learn what bankers are looking for from an ex-banker. Check out my Business Loan Basics course.
What are the rates and terms?
For the loan:
- Interest rate = 3.75%
- Payback period = 15-30 years
For the advance:
- Funds will be made available within three days of a successful application
- The advance will not have to be repaid.
Who is eligible?
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organizations or 501(c)(19) veterans organizations.
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
How do I apply?
Apply at https://covid19relief.sba.gov/
Where can I get more info?
- SBA Economic Injury Disaster Loan Emergency Advance Page