The Dallas Metropolitan Small Business Development Center in partnership with the U.S. Small Business Administration and Dallas College, offers free and confidential one-on-one counseling for existing and start up businesses in Dallas County. Learn more about our services and necessary steps to schedule an appointment.
SBA Economic Injury Disaster Loans
The SBA Economic Injury Disaster Loans (EIDL) for small businesses is live and operational. All SBA Business owners should apply online at the Disaster Loan Application Portal at https://covid19relief.sba.gov/#/ .
SBA COVID DISASTER LOANS
There are two primary SBA programs underway for small business: the Economic Injury Disaster Loan (EIDL) and the associated Loan Advance; and the Paycheck Protection Plan loan. More information on criteria for qualifying businesses is HERE (https://www.sba.gov/page/disaster-loan-applications)
Economic Injury Disaster Loan (EIDL)
- The EIDL is a low-cost loan to pay expenses.
- Interest rate is 3.75%.
- Term is 30 years.
- These expenses can be rent, utilities, payroll (employees or contractors), insurance, AP, etc.
- The SBA is administering this loan directly.
- Application is at http://covid19relief.sba.gov
EIDL Loan Advance ‘grant’
The EIDL Loan Advance is the last question on the EIDL application. It is an up-to-$10,000 advance that will be dispersed in days, not weeks, AND DOES NOT HAVE TO BE PAID BACK. it is akin to a stimulus check for small business.
Paycheck Protection Plan Loan (PPP)
The PPP loans are administered through banks.
- It will fund 2.5x monthly payroll.
- The rate is 1%.
- The term is two years.
- After 8 weeks, the loan WILL BE FORGIVEN, *IF* you have maintained the same number of full-time equivalent employees and pay rates.
- Applications are made through individual bank portals.
Find a participating lender HERE (https://www.sba.gov/paycheckprotection/find). Each bank sets its own policies on priorities of who to serve
The Dallas Metropolitan SBDC is available to help.