SBA Loan Information in Response to the Coronavirus

Below is important information for all small business owners from the SBA regarding Coronavirus disaster loan terms and eligibility.

Top Level Summary

  • 42 states/territories have been declared as emergencies
  • The other 14 states and territories are all in the declaration process, some should be approved as early as tomorrow
  • Eased requirement for governors to establish an emergency declaration so it is moving much faster now
  • Apply at sba.gov/disaster
    • Will need to complete a two-page application, 4506T IRS form to transfer information, and a personal finance statement
    • More information might be requested for more complex businesses or those seeking a higher loan amount
  • Offer up to $2 million in loans to a small business or non-profit for working capital needs
  • Term can go out to 30 years
  • Interest rate for small businesses is 3.75% and for non-profits is 2.75%
  • Authorized 1-year deferment on the first payments
  • Rumors of SBA taking 4-6 months until constituents receive their money are NOT true. Their current average processing time is 2-3 weeks, but some can take just a few days.
  • SBA District offices (find your nearest here) can also serve as a resource to Congressional offices and small businesses
SBA coronavirus information
 
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