Coronavirus emergency loans: small business guide

small business owner
small business owner

We at TFNB Your Bank For Life hope you are remaining safe and well while we work to get through this disaster!

We wanted make sure you knew about a particular loan option that is available immediately. You can apply directly through the SBA right now if you’ve not already done so.

It’s called the Economic Injury Disaster Loan (EIDL). These loans come directly from the SBA. The application is in its third version and is highly streamlined. You can find the link to the application here: covid19relief.sba.gov. These loans can be up to $2 million and can be amortized for up to 30 years. The rate is fixed at 3.75% for for-profit businesses and 2.75% for non-profit businesses. We recommend all businesses apply for this program immediately.

A subprogram of the EIDL is the Economic Injury Disaster Advance Loan. While it’s called a loan, it doesn’t need to be repaid. This is basically a grant. The SBA’s website says:

“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 successful application. This loan advance will not have to be repaid.”

You can apply for this grant at the same time as the EIDL. We highly recommend that every small business apply for it.

To be clear, applying for these loans has no impact on opportunities to access the other options available. Again, the SBA’s website will have the most information on these two programs, but feel free to contact us to help you get through these challenging times.