Below you can access information about federal, state, city and private resources in regards to coronavirus (COVID-19).
With additional funding provided by the new COVID-19 relief package, SBA has resumed processing Economic Injury Disaster Loan (EIDL) Loan and Advance applications already in the queue on a first-come, first-served basis. According to the SBA, if you previously submitted an EIDL application, received correspondence from SBA, and have a loan number that begins with a “3” then your application is in the queue. Any non-agriculture businesses that completed an EIDL application before March 29th, and received a confirmation # starting with “2” but has not yet reapplied through the streamlined portal may re-apply to complete their original application here.
The U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loans offer up to $2 million to help small businesses and private non-profit organizations overcome the temporary loss of revenue they are experiencing as a result of the Coronavirus. The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Business expansion or acquiring fixed assets are not eligible uses of proceeds.
The interest rate is 3.75% for small businesses without credit available elsewhere, and 2.75% for non-profits, with a maximum term of 30 years, depending on the ability to repay. Keep in mind that collateral is required for loans of $25,000 and that loans of $200,000 or less can be approved without a personal guarantee.
Click here for more info. Application deadline is December 21, 2020
Check out the NYSBDC application guide for a very helpful step-by-step view of the screens and information that will be asked through the SBA’s disaster loan portal. Please keep in mind that Economic Injury Disaster Loan Program loans are processed directly by the SBA, and you may be asked by an SBA loan officer to complete additional forms.
For more information on existing SBA programs as well as those yet to launch, check out the updated SBA Resource Guide. You can also contact the SBA directly at disastercustomerservice@sba.gov or (800)-659‐2955.