SBA’s Disaster Declaration Makes Loans Available to Small Businesses Due to the Coronavirus (COVID-19)

Economic Injury Disaster Loans (EIDL) are now available from the Small Business Administration’s Disaster Declaration due to the Coronavirus (COVID-19).  This can help you if you are self employed or operate a small business!

“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). The SBA has issued, under its own authority and as provided by the Coronavirus Preparedness and Response Supplement Appropriations Act, Economic Injury Disaster Loan declarations for the District of Columbia, Maryland, and Virginia.”

The main focus of this post is to inform you of the Economic Injury Disaster Loans (EIDL).  If you are a small business or self employed, this could help you!

These Economic Injury Disaster Loans (EIDL) are specifically available to the following organizations that have been directly affected by the disaster.
• Small businesses within the SBA Size Standards (visit https://www.sba.gov/size)
• Small agricultural cooperatives & aquaculture businesses
• Private non-profit organizations (regardless of size)

The attached PDF of the SBA’s slide deck helps with details,  the application process and application support.

To view the pdf of the slides explaining the EIDL, click: (EIDL) SLIDE DECK pdf.

To go directly to the SBA’s site and learn more about the EIDL, click: HERE.

Also note the chart to help familiarize yourself with the available programs.

I hope this article, SBA’s Disaster Declaration Makes Loans Available to Small Businesses Due to the Coronavirus (COVID-19), was helpful.