Economic Injury Disaster Loan (EIDL)
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SBA Actual Data (4/16)
The U.S. Small Business Administration (SBA) will guarantee loans of up to $10 million to eligible businesses, and the loans will be provided by lenders including banks and credit unions. Paycheck Protection Program loans can be forgiven if businesses maintain payroll for eight weeks at employees’ normal salary levels and use the loan proceeds for qualifying expenses.
U.S. Small Business Administration Economic Injury Disaster Loans:
As part of its disaster assistance program, the SBA is providing working capital loans of up to $2 million to small businesses and nonprofits affected by the coronavirus. These loans carry an interest rate of 3.75% for small businesses and 2.75% for nonprofits. Loan repayment terms vary by applicant, up to a maximum of 30 years. The stimulus updated the program so that sole proprietors and businesses with fewer than 500 employees qualify, and applicants don’t need to provide a personal guarantee on loans under $200,000. Payments can also be deferred for up to four years.
Emergency grant of $10,000 to SBA Economic Injury Disaster Loan applicants: Even if your business is denied a loan, you can still access this grant, which can be used to provide employee sick leave, maintain payroll or meet other needs like paying rent.
The U.S. Small Business Administration (SBA) offers a list of coronavirus relief options with details on each program.