President Trump announced a $50 billion aid package to support small businesses impacted by the COVID-19 emergency, including a major block of federally sponsored funding to small businesses through the Small Business Administration (“SBA”). [Trump Calls for $50B in SBA Loans to Combat COVID-19] SBA will administer loans to impacted businesses through the Economic Injury Disaster Loan (EIDL) Program, which is a direct lending program through the SBA:
- The loan program provides capital to businesses impacted by natural disasters, such as the COVID-19 emergency.
- Loans of up to $2 million are available at very low rates for up to 30 year terms.
- Loan proceeds may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
- On a case by case basis, loans offered under this program may have a forgiveness clause as a feature.
In order for businesses to gain access to the program, they must be within an area that has been designated as an impacted area (state of emergency) by the Governor of the impacted state.
As of 3/18/2020 Tennessee has not been designated as eligible for the COVID-19 EIDL program but we anticipate an announcement in the near future.
TN Businesses Now Eligible for SBA Loans! Read more here.
Please visit follow the designations here.
These loans carry higher risks and low interest rates and are designed as an abatement measure to sustain businesses. As a result, this program is offered directly through the SBA and not partner banks.
Please visit here for more information. You will likely expedite your electronic application submission if you collect all of the required information prior to the electronic submission. Please visit review the SBA Form 5 (found here) to understand the documentation and information required for the disaster loan application. Additional documentation referenced within SBA Form 5 can be found here. Please note that the purpose of reviewing these forms is to understand the information required for electronic submission.
To apply, please visit here.
Additional questions can be answered by the SBA Disaster Loan processing center at 1-800-659-2955.
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