If you’ve been impacted by the COVID-19 pandemic, learn more about a COVID-19 Economic Injury Disaster Loan (EIDL).
If you have suffered substantial economic injury and are one of the following types of businesses located in a declared disaster area, you may be eligible for an SBA EIDL:
- Small business
- Small agricultural cooperative
- Most private nonprofit organizations
Apply for a non-COVID EIDL relief loan from SBA
- Substantial economic injury means the business is unable to meet its obligations and pay its ordinary and necessary operating expenses.
- EIDL provides the necessary working capital to help small businesses impacted by a disaster survive until normal operations resume.
- EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere.
SBA can provide up to $2 million* to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. The loan amount will be based on your actual economic injury and your company's financial needs, regardless of whether the business suffered any property damage.
*A business may qualify for, both, an EIDL and a physical disaster loan.
The maximum combined loan amount is $2 million. A separate SBA Disaster Assistance program known as business physical disaster loans covers property damage.
Use of proceeds
- Working capital and normal expenses such as the continuation of health care benefits, rent, utilities, and fixed debt payments
- First payment deferred for 12 months
- No interest accrual for the first 12 months
- The interest rate will not exceed 4%
- Up to 30 years, with repayment term to be determined by ability to repay the loan
- No pre-payment penalty or fees
- Required for loans over $25,000
- Real estate is the preferred collateral. Loans of $200,000 or less will not require the owner of the business to use their primary residence as collateral if it is determined the owner has other assets of equal quality and a value equal to or greater than the amount of the loan.
How to apply
- Apply online for an SBA disaster assistance loan. SBA will send an inspector to estimate the cost of damage, once your application is completed and submitted.
- Complete, sign, and date IRS Form 4506-T with your application, giving permission for the IRS to provide SBA with your tax return information.
Contact the SBA Disaster Assistance Customer Service Center at: