To all Providers,
Re: SBA Disaster Loans
Small Businesses (for-profit and non-profit) seeking SBA Disaster Loans will be able to apply online through the SBA Disaster Assistance website:
https://www.sba.gov/funding-programs/disaster-assistance
. These loans have a $2MM maximum and carry a low interest rate (3.75% for for-profit businesses and 2.75% for non-profits) and have long 30-year amortizations. Please note that these loans are not handled by the traditional SBA lenders – these loans are made directly through the SBA Office of Disaster Assistance. Contact the customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or email
disastercustomerservice@sba.gov
. This program provides new loans to support payroll, accounts payable, etc. The website is very simple and user friendly and will probably be the quickest route to getting assistance. The customer service center phone line is extremely busy and might take several minutes to get through to and agent. The providers will need to have three years of tax returns.
Economic Injury Disaster Advance Loan
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.
There are other programs that are becoming available as well as additional stimulus packages on the way, but congressional approval is pending. As more information becomes available, we will keep sharing.
Thank you
