SBA Economic Injury Disaster Loan

SBA Economic Injury Disaster Loan

An individual who operates under a sole proprietorship, with or without employees, or as an independent contractor can qualify! Our nation’s small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. The Federal Government signed into law the CARES Act, which contains billions in relief for American workers and small businesses. 

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An individual who operates under a sole proprietorship, with or without employees, or as an independent contractor can qualify! If you need assistance with the application, please text us on 347-789-7748 or schedule an online appointment. 

Funding Options

Besides traditional SBA funding programs, the CARES Act created several new temporary programs to address the COVID-19 outbreak. 

SBA Economic Injury Disaster Loans  

This loan will provide economic relief to small businesses, individuals and nonprofits that are currently experiencing a temporary loss of revenue. 

ELIGIBLE ENTITIES 

  • Business with not more than 500 employees. 
  • Agricultural enterprise with not more than 500 employees. 
  • An individual who operates under a sole proprietorship, with or without employees, or as an independent contractor. 
  • Cooperative with not more than 500 employees. 
  • Employee Stock Ownership Plan (ESOP), as defined in 15 U.S.C. 632, with not more than 500 employees. 
  • Tribal small business concern, as described in 15 U.S.C. 657a(b)(2)(C), with not more than 500 employees. 
  • Business, including an agricultural cooperative, aquaculture enterprise, nursery, or producer cooperative (but excluding all other agricultural enterprises), with more than 500 employees that is small under SBA Size Standards found at https://www.sba.gov/size-standards. 
  • Business with more than 500 employees that is small under SBA Size Standards found at https://www.sba.gov/size-standards. 
  • Private non-profit organization that is a non-governmental agency or entity that currently has an effective ruling letter from the IRS granting tax exemption under sections 501(c),(d), or (e) of the Internal Revenue Code of 1954, or satisfactory evidence from the State that the non-revenue producing organization or entity is a non-profit one organized or doing business under State law, or a faith-based organization. 

Economic Injury Disaster Loan Emergency Advance 

This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. This loan advance will not have to be repaid. 

An individual who operates under a sole proprietorship, with or without employees, or as an independent contractor can qualify! If you need assistance with the application, please text us on 347-789-7748 or schedule an online appointment. 

Highlights of the program include:

  • Loans provide up to $2 million to companies to fund things like payroll, debts, accounts payable and other bills that can’t be paid because of a decrease in revenue 
  • Interest rates are fixed as 3.75% for businesses and 2.75% for non-profits 
  • Loans are funded directly by the U.S. Department of the Treasury 
  • Maximum loan terms are 30 years 

An individual who operates under a sole proprietorship, with or without employees, or as an independent contractor can qualify! If you need assistance with the application, please text us on 347-789-7748 or schedule an online appointment.