The SBA’s disaster loan program is now available for small businesses and some private, nonprofits that have suffered economic injury due to the COVID-19 crisis.
Here’s the Fact Sheet about this program: https://disasterloan.sba.gov/ela/Declarations/ViewDisasterDocument/3624
Here’s a link to the Fact Sheet written in Spanish: https://disasterloan.sba.gov/ela/Declarations/ViewDisasterDocument/3625
These Economic Injury Disaster Loans are meant to help small business owners pay their ongoing, monthly expenses, debts, payroll, utilities, etc. for a six month period that they wouldn’t otherwise be able to cover without it because of lower revenues caused by the COVID crisis (from January 31, 2020 to present).
The disaster loan is not meant to cover profit margins. There’s no obligation for a business owner to apply for a SBA Disaster Loan – and it would not jeopardize the business owner from taking advantage of another stimulus program or benefit. There’s no cost to apply for a SBA Disaster Loan either. The applicant can refuse some or all of the disaster loan amount that was approved, and they could pay it off early (no pre-payment penalties).
Here is quick update on SBA’s online disaster loan application:
- The SBA is currently working to restore access to the Electronic Loan Application portal. When the portal is back up and running, we highly encourage people to apply for an Economic Injury Disaster Loan online via the SBA portal: disasterloans or mail physical copies to the SBA if the Electronic Loan Application Portal remains unavailable. Here is the mailing address:
U.S. Small Business Administration
Processing and Disbursement Center
Attn: ELA Mail Department
P.O. Box 156119
Fort Worth, TX 76155
- Disaster loan information: please call the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice.