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How to Apply for an SBA Disaster Loan
Author: Gregg H. HilzerDate: April 3, 2020
In times of crisis, The Small Business Administration (SBA) can be a valuable resource for small businesses. The SBA is currently providing low-interest Economic Injury Disaster Loans (EIDLs) to help businesses recover from Coronavirus (COVID-19).
Small businesses may apply for a maximum business loan of $2 million, which may be used exclusively to address economic injury. Funds can be used to pay for a number of business expenses including working capital needs, such as payroll, accounts payable, and fixed-payment debts. Significantly, the term of the loan could potentially be as long as 30 years. The terms of any loan are determined on a case-by-case basis and are dependent upon each borrower’s ability to repay. The interest rate is 3.75% for small businesses and 2.75% for non-profits.
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