Economic Injury Disaster Loan and Loan Advance

US Small Business Administration

U.S. CITIzens and residents
Coming Soon
September 30, 2020

As part of the CARES Act, the SBA, the federal agency that provides support to small businesses and entrepreneurs across America, is offering loans to help businesses cover their day-to-day expenses because the COVID-19 crisis has affected their normal ability to do so.

Benefits

  • Loans of up to $2 million for all operational needs
  • Available to for-profits and nonprofit organizations of all sizes
  • A maximum fixed interest rate of 3.75% for small businesses and 2.75% for nonprofit organizations  
  • Loan repayment terms of up to 30 years
  • Upon completion of the disaster loan application, small businesses are also eligible for an Economic Injury Disaster Advance Loan of up to $10,000. If selected, funds will be made available within three days of a successful application submission. This loan advance will not have to be repaid, even if an applicant’s Economic Injury Disaster Loan is denied
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Eligibility

  • Small businesses with less than 500 employees
  • Business with more than 500 employees that is small under SBA Size Standards found here
  • Individuals who operate under a sole proprietorship, with or without employees, or as an independent contractor
  • Small agricultural cooperatives
  • Small businesses engaged in aquaculture
  • Most private, non-profit organizations
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Application

The fastest way to be considered for loan assistance and to receive a decision is by applying online. The entire application takes an estimated two hours and ten minutes for most applicants.

Apply now

Do you need help?

The organizations listed below are Axis Coalition Members and are ready to help you at no cost.

Small Business Development Center (SBDC) at Florida International University

Requirements

  • A valid Federal Employee Identification Number (FEIN)
  • Previous years’ taxes and/or profit and loss statement
  • A valid commercial insurance policy (additional insurance may be required)
  • Credit history acceptable to the SBA (exceptional credit is not required)
  • Demonstrable ability to repay loan; for loans over $25,000 collateral is required