The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration. The SBA’s Office of Disaster Assistance is working with the State of California to complete this step.
Once SBA makes an Economic Injury Disaster Loan (EIDL) declaration in response to a Governor’s request, small businesses in primary declared counties, as well as contiguous counties, will be able to apply online for EIDL assistance at SBA.gov/disaster.
SBA continues to assist small businesses with accessing federal resources, such as working capital loans and counseling, and navigating their preparedness plans through our network of 68 District Offices and numerous Resource Partners located around the country. Find more information on the SBA’s available resources at: SBA.gov/Coronavirus.
SBA also provides disaster assistance loans to those affected states or territories following a declared disaster. Once a Governor makes a formal request to SBA certifying that at least five small businesses in a designated area have suffered substantial economic injury as a result of the Coronavirus, the SBA will quickly review the request and if the Administrator then issues an Economic Injury Disaster Loan (EIDL) declaration, the agency will be able to provide Economic Injury Disaster Loans of up to $2 million per small business. These loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing. Find more information on the SBA’s Economic Injury Disaster Loans at: SBA.gov/Disaster.
Small businesses are encouraged to do their part to keep their employees, customers and themselves healthy. The Centers for Disease Control and Prevention (CDC) offers the most up-to-date information on COVID-19, as well as Guidance for Businesses and Employers to Plan and Respond.