Small Business Administration (SBA) Economic Injury Disaster Loans (EIDL)
Who? Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). 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.
Interest rate: 3.75% for small businesses, 2.75%.for non-profits.
Terms: Long-term repayments in order 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.
Approval: Loans can be approved by the SBA based solely on an applicant’s credit score. Loans that are smaller than $200,000 can be approved without a personal guarantee.
Advance: Borrowers can receive a $10,000 emergency grant cash advance that can be forgiven if spent on paid leave, maintaining payroll, increased costs due to supply chain disruption, mortgage or lease payments or repaying obligations that cannot be met due to revenue losses.