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What Are SBA Disaster Loans?

SBA’s Economic Injury Disaster Loans (EIDL) for COVID-19 offers up to $2 million in assistance for small businesses to combat the temporary loss of revenue caused by the coronavirus pandemic. These loans may be used to pay eligible expenses that cannot be paid due to the disaster’s impact by providing long-term, affordable repayments over a maximum of 30 years. A borrower applying for EIDL can request an advance on the loan of up to $10,000 from the Small Business Administration (SBA) and the SBA must distribute the Emergency EIDL within 3 days of the request.

To qualify for an EIDL, borrowers must prove “substantial economic injury” caused by the COVID-19 pandemic. By SBA standards, if your business cannot meet financial obligations or pay ordinary operating expenses as a direct result of the disaster, you should qualify.

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What Can an SBA Disaster Loan Do For My Business?

One of the major benefits of an EIDL is that you can use the capital to do what your business needs the most. Funds can be used for working capital to support operations until your business recovers. You can pay rent, pay employees, buy goods to sell or market a new service. While it can be difficult to get other loans when your revenue drops, economic injury disaster loans are designed specifically to help your business survive a sudden crisis.

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What is the Difference Between Disaster Loans and PPP Loans?

As part of the CARES Act, the Congressional Small Business Task Force unveiled a $349B Emergency Coronavirus Relief Package comprised of Paycheck Protection Program loans and Economic Injury Disaster Relief loans. Both products have low interest rates and unique benefits to help business owners receive the working capital relief they need to maintain operations.

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Economic Injury Disaster Loans

• Higher requirements than PPP loans with a longer time to receive funds
• In response to COVID-19, EIDLs currently allow a $10,000 advance grant to be received within three days of applying to help deliver immediate working capital relief while you wait for fund disbursement
• Advance payments can be used to maintain payroll and other operating expenses
• A personal guarantee may be required for loans over $200,000
• Maximum loan size of $2,000,000

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Paycheck Protection Program Loans

• PPP loans are designed to support large numbers of businesses by providing capital support and incentivizing businesses to keep their employees. Because of which, loan amounts are based on 250% of your payroll costs and loan forgiveness is dependent on how many employees you have laid off.
• Up to $10,000,000 for “payroll support” which aso includes rent, utilities, and mortgage interest payments
• 1% APR over two years with 6 months loan forgiveness up to 100%
• No collateral requirements or personal guarantee
• Fast, simple application process – lenders must verify payroll costs

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What Can an SBA Disaster Relief Loan Do For My Business?

SBA’s Economic Injury Disaster Loans for COVID-19 offer up to $2 million in assistance for small businesses to combat the temporary loss of revenue due to the Coronavirus pandemic. These loans may be used to pay eligible expenses by providing long-term, affordable repayments over a maximum of 30 years, including payroll, fixed debts, accounts payable and other expenses that cannot be paid due to the disaster’s impact .

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How to Get an SBA COVID-19 Relief Loan

Credibly is no longer offering Economic Injury Disaster Loans, but it is still possible to apply for a loan directly through the SBA. If you are looking for working capital to help you weather a temporary or seasonal dip in revenue, a working capital loan from Credibly might be right for you.

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Economic Injury Disaster Loan Details

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Max Loan Size

Up to $2,000,000

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Term Length

Up to 30 years

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Interest Rates

As low as 3.75%

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Payments

Case by case

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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.

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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.

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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.

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Simple Ways to Get Started

To apply for an Economic Injury Disaster Loan, complete our online COVID-19 relief funding application.
From there, one of our team members will be able to assist you.

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