The Small Business Administration (SBA) is working directly with states to provide targeted, low-interest Economic Injury Disaster Loans to businesses and nonprofits that have been severely impacted by the COVID-19 pandemic and to help overcome the temporary loss of revenue.
Small businesses can receive up to $2 million in disaster assistance loans in certain eligible areas.
To qualify for loans, the business must be located in a Current Disaster Declaration Area. It also must qualify as a small business, meeting requirements for maximum number of employees or maximum revenue. More information on the requirements for specific industries can be found here.
The first step in the three-part process is to apply online, in-person, or by mail. Step two of the process is the property verification, loan processing, and Decision by the SBA. The final step is the loan close and funds disbursed.
Additional information may be necessary to process an application. If requested, the following information should be provided within 7 days of the information request:
- Complete copy, including all schedules, of the most recent federal income tax return for each principal owning 20 percent or more, each general partner or managing member, and each affiliate when any owner has more than 50 percent ownership in the affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management;
- If the most recent federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year; and,
- A current year-to-date profit-and-loss statement.