SBA Assistance Resourses in light of Covid-19 Pandemic
The COVID-19 pandemic has resulted in SBA disaster loans to help our small businesses, small aquacultural businesses, small agricultural cooperatives, and/or most private nonprofit organizations.
Economic Injury Disaster Loans (EIDLs)
The SBA has approved the North Carolina Governor’s request for a disaster declaration, and you may begin the application process. Applicants are strongly encouraged to use the online SBA application. Alternatively, applicants may complete a hard copy SBA application and mail it to SBA, though that will take longer to process. There are no disaster loan centers established for this disaster declaration.
Basic info on EIDLs:
These are direct loans from the SBA. One does not apply through a bank, nor is a letter of denial from a bank required for one to apply for these loans.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to 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. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.