SBA Economic Injury Disaster Loans

March 19th, 2020

In response to the COVID-19 outbreak, small businesses in 32 Washington counties, 6 Oregon counties, and 3 Idaho counties are now eligible to apply for low-interest SBA Economic Injury Disaster Loans (EIDL) to offset economic losses because of reduced revenues caused by the impact of the Coronavirus (COVID-19) pandemic. This is one of the first SBA disaster declarations in the country related to COVID-19.

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

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. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.

More information including eligibility and application process can be found here:

https://disasterloan.sba.gov/ela/Information/EIDLLoans?utm_medium=email&utm_source=govdelivery

and here:

https://content.govdelivery.com/accounts/USSBA/bulletins/28180e8

 

We encourage you to consult these resources and also reach out to us with any questions. We are here to help.