It has been announced that the U.S. Small Business Administration (SBA) has made Economic Injury Disaster Loans (EID Loan) available for qualifying businesses that have suffered economic injury as a result of the COVID-19 (coronavirus) pandemic.
Funds from an EID loan may be used by small businesses to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
The terms of an EID loan are determined by the SBA on a case-by-case basis. Generally, the maximum amount of an EID loan for the coronavirus disaster is $2 million with an interest rate of 3.75 per cent for small businesses. The maximum repayment term of an EID loan is 30 years. There are no pre-payment penalties imposed by the SBA on an EID loan.
The SBOANJ will continue to monitor the situation and will continue to keep its members up to date with all aid available at this time.
Click here for an online application.
(With files from the SBOANJ)