SBA Economic Injury Disaster Loans 3-31-20 Update
The SBA Economic Injury Disaster Loans 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/#/ .
Briefly, EIDL will assist up-and-running businesses pay their expenses. This can include rent, utilities, payroll, insurance, etc. Terms will be 3.75% fixed for 30-year, with no prepayment penalty. It will be based on ability to repay and credit score will be considered. Collateral requirements are variable. The process has been streamlined.
Businesses can also apply for a Loan Assistance Advance of up to $10,000. This advance will NOT have to be repaid.
Exact criteria and details are constantly being assessed and new congressional bills amend these programs. Please visit the SBA website for the most up to date information. You can learn more about the full range of SBA Disaster Assistance Programs HERE.
The EIDL electronic loan application will be screened by the SBA processing center when it is received. You will be assigned a case manager that you will communicate with.
Please periodically check the SBA website for more information: https://www.sba.gov/disaster
The SBA Payroll Protection Program is pending but not yet operational. This program will be managed by the SBA network of government guaranteed lender banks.
Please contact the Dallas Metropolitan SBDC for assistance in these and all other small business matters.