Emergency Loans for Small Businesses
Congress has approved $350 billion in emergency loans for small businesses to help them keep workers employed. In fact, if small businesses maintain or later restore their payrolls, they may not have to repay some — or possibly any — of the loan. Here are a guide and checklist from the U.S. Chamber of Commerce to help your small business through the process.
About SBA Economic Injury Disaster Loans (EIDL)
EIDLs offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue. These 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.
The interest rate is 3.75% for small businesses with long-term repayments to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
How to Apply for an SBA Disaster Loan
Be prepared with what is required to complete an online application. You can also connect with an SBA representative to walk you through the process.