For payroll, rent, and other qualified uses
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 .
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.
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.
Subject to approval.