How to Apply for SBA EIDL Program
The SBA?s disaster declaration makes loans available due to the Coronavirus (COVID 19).
The U.S. Small Business Administration (SBA) is offering designated states and territories low interest
federal disaster loans for working capital to small businesses suffering substantial economic injury as a
result of the Coronavirus (COVID 19).
The Small Business Administration (SBA) has made an important adjustment to the terms of its Economic Injury Disaster Loan Program (EIDL). Moving forward, EIDL loans will defer payments for the first year (twelve months) of the loan. This is a change from the initial loan structure, which allowed payment deferral for four months. SBA EIDL loans are for small businesses and private non-profits (of any size) that were previously profitable, but whose revenues have been adversely impacted by the outbreak of COVID-19 (since January 31, 2020). Loans can be up to $2 million and have a long-term repayment schedule of up to 30 years. Businesses may apply for the program at https://disasterloan.sba.gov/ela.
Register to join this Chamber webinar to learn more about this loan and how your business can apply.
Ili Spahiu, Assistant District Director for Lender Relations, Massachusetts District Office, U.S. Small Business Administration