Economic Injury Disaster Loan Details
FAQs About SBA Coronavirus Disaster Loans
What are the rates and terms associated with COVID-19 Disaster Loans?
The interest rate is 3.75% for small businesses and the interest rate for non-profits is 2.75%. Terms are a maximum of 30 years and are decided on a case by case basis, based upon a borrower’s ability to repay the loan.
What can I use SBA Coronavirus Relief Loans for?
SBA Relief COVID-19 Relief Loans are designed to provide vital economic support to small businesses and help overcome the temporary loss of revenue they are experiencing. 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.
Is my area eligible for SBA Coronavirus Relief Loans?
SBA Relief Loans for the Coronavirus pandemic are made available based on the declaration of your area. Due to the severity of the coronavirus pandemic, all 50 states and U.S. territories are eligible for EIDLs. Credibly’s Business Consultants are available to help you understand if you meet the eligibility requirements and prepare your application.