Do you qualify for an Economic Injury Disaster loan?
If the coronavirus (COVID-19) has severely impacted your business, you may be able to apply right away for relief. The Small Business Administration (SBA) is working directly with state governors to provide low-interest working capital loans of up to $2 million dollars to make up for your drastic drop in income.
- Interest rate is 3.75% for small businesses and 2.75% for non-profits
- Loans can be used to pay fixed debts, payroll, accounts payable and other bills
- Long-term repayment options available – in some cases, up to 30 years
Affected small business owners in all states and U.S. territories are eligible to apply for this loan.
Ready to apply now? Complete your worksheet at Disaster Loan Assistance.
Want to learn more about this program? Visit Coronavirus Disaster Assistance
Not interested in this program but want to check out your other options for small business loans from an SBA-approved lender? Visit the SBA’s free online referral tool Lender Match and connect with participating lenders within 48 hours.
In addition, you can review all the latest SBA and Centers for Disease Control coronavirus guidelines for businesses and employers at SBA Guidance and resources.
As an advocate who believes in your business, we’re sharing resources and guidance that could help you out right now. Because we know you want to do everything you can to save money, we’re also here for you with free quotes that could lower your rates on business insurance (or even improve your coverage). Ask a licensed Mylo agent to review your current policy and try to beat it.
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