To assist our Small Business community, the Small Business association released the following:
SBA Disaster Assistance in Response to the Coronavirus
• The U.S. Small Business Administration 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.
• Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans
available to small businesses and private, non-profit organizations in designated areas of a state
or territory to help alleviate economic injury caused by the Coronavirus (COVID-19).
• SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to
submit the request for Economic Injury Disaster Loan assistance.
• Once a declaration is made for designated areas within a state, the information on the application
process for Economic Injury Disaster Loan assistance will be made available to all affected
communities as well as updated on our website: SBA.gov/disaster.
• SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital
economic support to small businesses to help overcome the temporary loss of revenue they are
• These 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 without
credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest
rate for non-profits is 2.75%.
• SBA offers loans with long-term repayments in order to keep payments affordable, up to a
maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s
ability to repay.
• SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal
government’s coordinated response, and the SBA is strongly committed to providing the most
effective and customer-focused response possible.
• For additional information, please contact the SBA disaster assistance customer service center.
Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail email@example.com.
• Visit SBA.gov/disaster for more information.
Use this Economic Injury Worksheet to determine your needs. Tom Monico from OEDIT would like to quickly identifying business who can complete the attached worksheet showing an economic loss due to COVID-19.