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SBA Coronavirus Loan Information

4/9/2020

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SBA Economic Injury Disaster Loan and Advance
  • SBA has a new, streamlined online loan application with no filing requirement to provide tax returns, financial statements, etc. – one application which includes the EIDL loan and an EIDL Advance. 
  • To apply online for an EIDL loan go to:  https://covid19relief.sba.gov/.
  • Small businesses may request an Advance of $1,000 per employee, up to $10,000.
  • The EIDL Advance does not have to be repaid. 
  • There is no cost to apply and no obligation to accept an approved loan.
  • A local Small Business Development Center counselor may be able to help – to find one, visit: https://www.sba.gov/local-assistance.      
PDF Copy of SBA Fact Sheet - Economic Injury Disaster Loan
PDF Copy of SBA Fact Sheet - Spanish

SBA’s Customer Service Center
  • To check the status of your loan application or Advance, call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov.
  • SBA is presently processing millions of loan applications – there may be delays at our Customer Service Center – please be patient, don’t give up – keep trying to get through.

Paycheck Protection Program
  • Businesses may visit an approved SBA 7a local lender to access the Paycheck Protection Program (PPP).  Find a local PPP lender here: https://www.sba.gov/paycheckprotection/find.
  • A local Small Business Development Center counselor may be able to help – to find one, visit: https://www.sba.gov/local-assistance.
  • Note: My disaster assistance office is not part of the Paycheck Protection Program – please contact your local bank or go to https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp.



SBA Offers Disaster Assistance to Iowa Small Businesses Economically Impacted by the Coronavirus (COVID-19)
 

SACRAMENTO, Calif. – The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Iowa small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19), SBA Administrator Jovita Carranza announced today. SBA acted under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, to declare a disaster following a request received from Gov. Kim Reynolds on March 17, 2020.
 
The disaster declaration makes SBA assistance available in the entire state of Iowa and the neighboring counties below.
 
Neighboring Illinois counties:  Carroll, Hancock, Henderson, Jo Daviess, Mercer, Rock Island and Whiteside;
Neighboring Minnesota counties:  Faribault, Fillmore, Freeborn, Houston, Jackson, Martin, Mower, Nobles and Rock;
Neighboring Missouri counties: Atchison, Clark, Harrison, Mercer, Nodaway, Putnam, Schuyler, Scotland and Worth;
Neighboring Nebraska counties: Burt, Cass, Dakota, Douglas, Otoe, Sarpy, Thurston and Washington;
Neighboring South Dakota counties: Lincoln, Minnehaha, and Union;
Neighboring Wisconsin counties: Crawford, Grant and Vernon.
 
“SBA is strongly committed to providing the most effective and customer-focused response possible to assist Iowa small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of the Coronavirus (COVID-19),” said Administrator Carranza.
 
SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process.
 
“Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” said Carranza.
 
“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. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Carranza added.
 
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
 
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.
 
The deadline to apply for an Economic Injury Disaster Loan is Dec 21, 2020.
 
For more information about Coronavirus, please visit: Coronavirus.gov.
 
For more information about available SBA resources and services, please visit: SBA.gov/coronavirus.
 
 
###
 
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.


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  • Our Chamber
    • Facebook
    • Mission Statement
    • Meet the Staff
    • Meet the Board
    • Ambassadors
    • Contact
  • Our Community
    • Map of Fairfield and Jefferson County
    • Shopping and Dining
    • Recreation
    • Schools & Child Care
    • Relocating to Fairfield
    • Local Government
    • Jefferson County Heritage
    • Fairfield Convention & Visitors Bureau (CVB)
    • Fairfield Economic Development Association
    • Fairfield & Transcendental Meditation Info Center
    • Fairfield Heritage Courtyard
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  • Join Us
    • Why Join The Chamber
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  • Sponsorship
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    • Community Calendar of Events
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    • Chamber Sponsored Events >
      • Annual Awards Banquet
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      • Bike Fairfield
      • Blast Off Golf Tournament
      • Business After Hours
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      • Career Connections
      • Holiday Lighting Dedication
      • Leadership Fairfield
      • Legislative Forum
      • Manufacturers Appreciation Luncheon
      • Member Appreciation Reception
      • Teacher Appreciation Day
      • Trees of Lights Campaign
    • Chamber Talk Radio Spotlight
  • Chamber Bucks
  • Member Log In