Economic Injury Disaster Loan and Loan Advance

Federal Disaster Loans for Businesses, Private Non-profits, Homeowners and Renters

The COVID-19 Economic Injury Disaster Loan must be applied to directly through SBA. CLICK HERE to do so.

The Need-to-Knows

• Used for working capital and overcome temporary lose of revenue

• Interest rate is 3.75%

• 30 year term

• Funds available within 3 days

• Loan advance does not have to be repaid

• Here is a great resources for Frequently Asked Questions (start on page 7)

More Details

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S.states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

Within the Economic Injury Disaster Loan, the Small Business Administration (SBA) has added an advance feature (up to $10,000) that does not have to be repaid. The SBA plans to make the funds available within 3 days of a successful application. See more details below and click through to submit an application.