SEMA eNews Vol. 23, No. 25, June 18, 2020

SBA Reopens Website for Filing COVID-19 Disaster Loan Applications

By SEMA Washington, D.C., Staff

The U.S. Small Business Administration (SBA) is once again accepting applications for an Economic Injury Disaster Loan (EIDL) for companies impacted by COVID-19. The program had closed temporarily due to an overwhelming demand for loans.

Businesses impacted by COVID-19 may seek a disaster loan of up to $150,000 at 3.75% interest rate, which may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. As part of the 30-year loan application, companies may request an EIDL advance of up to $10,000 that does not have to be repaid. (The forgivable grants have been capped at $1,000 per worker due to demand.)

The EIDL program is separate from the federal forgivable loan program, the Paycheck Protection Program, which is currently accepting applications until June 30, 2020. Applicants may apply to both programs. Grants given through the EIDL program will be included in the PPP loan.

Apply for an EIDL loan.

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