Notice from the SBA: Lapse in Appropriations
SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
Need to know what to do? Download the SBA’s Three Step Process to Applying for Disaster Loans – https://growfl.com/wp-content/uploads/2020/03/Three_Step_Process_SBA_Disaster_Loans.pdf
SBA Coronavirus (COVID-19): Small Business Guidance & Loan Resources: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
MIAMI – Today, the U.S. Small Business Administration announced that small businesses located in the State of Florida adversely impacted by COVID-19 can now apply for disaster loans.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA is offering Economic Injury Disaster Loans to help meet working capital needs caused by the Coronavirus
All 67 Florida counties are included in the disaster declaration for Coronavirus.
“I am encouraging all small businesses located in Florida to visit the SBA Disaster Assistance website and submit your application today,” said SBA South Florida District Director Victoria Guerrero. “While there, you will find information on how to contact our customer service team who can answer any disaster-related application questions. You can also reach out to one of our many resource partners for application assistance.”
SBA Resource Partners information can be obtained on the SBA website at www.sba.gov/local-assistance/find/.
SBA Economic Injury Disaster Loans offer up to $2 million in economic assistance to help small businesses overcome the temporary loss of revenue resulting from the disaster. 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.
Interest rates offered are as low as 3.75 percent for businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
Loan amounts are set by the SBA and based on each applicant’s financial condition. Repayment terms are up to 30 years.
To apply, visit the SBA Disaster website at https://disasterloan.sba.gov/ela/.
For additional information, please contact the SBA Disaster Assistance Customer Service Center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail [email protected].
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.