Economic Impact Disaster Loan
In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19.
To meet financial obligations and operating expenses that could have been met had the disaster not occurred
3.75% for businesses (fixed)
2.75% for nonprofits (fixed)
No pre-payment penalty or fees
USE OF PROCEEDS
Working capital and normal operating expenses
Example: continuation of health care benefits, rent, utilities, fixed debt payments.
Required for loans over $25,000
SBA uses a general security agreement (UCC) designating business assets as collateral, such as machinery and equipment, furniture and fixtures, etc.
NO – EIDL Loan
YES – EIDL Advance*
*Advance funds have been fully allocated and are not currently available unless you are located in a disproportionately impacted geographic area.
Deferred one year; interest still accrues
Borrower may make payments if they choose to do so.
Set up online payments through Pay.gov OR mail payments to:
U.S. Small Business Administration
721 19th Street
Denver, CO 80202
Be sure to include EIDL loan number on mailed-in checks.
SBA is currently accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations.
If you have already applied via the streamlined application portal, please do not resubmit your application.
Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to COVID-19.
Agricultural businesses with 500 or fewer employees are now eligible as a result of new authority granted by Congress in response to the COVID-19 pandemic.
Agricultural businesses include those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).
COVID-19 EIDL Loan Application