Below you can access information about federal, state, city and private resources in regards to coronavirus (COVID-19).
The U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loans (EIDL) offer up to $150,000 in working capital to help small businesses and private non-profit organizations overcome COVID-19 related loss of revenue. Loans have an interest rate of 3.75% for small businesses and 2.75% for non-profits, and a maximum term of 30 years. Additionally, the first payment is deferred for one year.
The loans may be used to pay debts, payroll, inventory, accounts payable and other ordinary and necessary expenses of the business that are not already covered by a Paycheck Protection Program loan. Business expansion/relocation, replacing lost profit or sales, refinancing long term debt, or acquiring fixed assets are not eligible uses of proceeds. The application deadline is December 21, 2020.
On June 15, 2020, SBA began accepting new EIDL Loan and Advance applications. Applicants who already submitted their EIDL Loan and Advance applications will continue to be processed 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” must reapply through the streamlined portal to complete their original application here.
Check out the NYSBDC application guide for a step-by-step view of the screens and information that will be asked through the SBA’s disaster loan portal. Keep in mind that EIDL loans are processed directly by the SBA, and you may be asked by an SBA loan officer to complete additional forms. Contact the SBA directly at firstname.lastname@example.org or (800)-659‐2955.