COVID-19 Coronavirus SBA Disaster Loan Assistance [Infographic]
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).
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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