COVID-19 Coronavirus SBA Disaster Loan Assistance [Infographic]

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REQ Media

March 20, 2020

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1–2 minutes

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The U.S. Small Business Administration 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).

REQ Vegas Chamber of Commerce SBA Disaster Lending

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FAQs

What type of disaster loan do I qualify for if my business was affected by COVID-19?

SBA Economic Injury Disaster Loan

How long will it take to get funds if I’m approved?

Approved businesses can expect to receive funds within 2-3 weeks from the date of application

Can I receive up to $2M per each business I own?

Businesses that fall under the umbrella of a single owner/entity may only be able to apply for and receive up to $2M total across their affiliated businesses

Can I still qualify for an SBA Disaster Loan if I have an existing SBA Loan (7a or 504, for example)?

Yes, the funds are separate for disaster loans vs other SBA loan types, so you would still be eligible if you have an existing SBA loan

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