The U.S. Small Business Administration (SBA) is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
These loans are available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19). The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
SBA offered disaster loan assistance to California small businesses on March 13, 2020. See this press release for a full listing of counties in which the disaster declaration is effective.
- The deadline to apply for an Economic Injury Disaster Loan is Dec. 16, 2020.
- Review this document: How-to 3 Step Process for SBA Loans
- 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@example.com 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
For more information about Coronavirus, please visit: Coronavirus.gov.
For more information about available SBA resources and services, visit: SBA.gov/coronavirus.