Small businesses in 32 Washington counties (including Pierce), six Oregon counties, and three Idaho counties are now eligible to apply for low?interest SBA Economic Injury Disaster Loans (EIDL) to offset economic losses because of reduced revenues caused by the impact of the Coronavirus (COVID-19) pandemic. This is one of the first SBA disaster declarations in the country related to COVID-19.
The SBA Office of Disaster Assistance is in contact with the state emergency management staff and the governor’s offices of Washington, Oregon, Idaho and Alaska and continues to work with them. The SBA anticipates additional declarations are coming soon.
If your county is not included in the declaration, contact your local SBA district office or your state’s emergency management department to complete an SBA Economic Injury Worksheet.
About SBA Economic Injury Disaster Loans (EIDL)
EIDLs offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
The interest rate is 3.75% for small businesses with long-term repayments to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
How to Apply for an SBA Disaster Loan
Be prepared with what is required to complete an online application. You can also connect with an SBA representative to walk you through the process.
Additional Financing, Exporting and Advising Resources to Support Business Impacted by COVID-19
The SBA launched www.sba.gov/coronavirus to provide information about resources small businesses can access now to navigate their business through the COVID-19 pandemic.
This includes financing through SBA Loan Guarantee Program – working capital, microloans, express loans and lines of credit – and counseling services through the SBA Resource Partner Network to help businesses navigate preparedness plans.Print This Post