SBA Assistance for Businesses Impacted by Coronavirus
March 13, 2020
The MA Emergency Management Agency (MEMA) and Baker-Polito Administration are working closely with the U.S. SBA to activate the Economic Injury Disaster Loan (EIDL) program which would provide assistance to eligible businesses and non-profits impacted by COVID-19.
The 1st step in this process is to meet a minimum threshold of affected businesses within MA.
Affected small businesses and non-profits should download, complete, and submit the SBA EIDL Worksheet ( https://lnkd.in/ewF7VBy ) & Instructions to expedite activation of the EIDL program.
Completed forms can be submitted by email to Disaster.Recovery@mass.gov or by fax to (508) 820-1401. If you do fax the form, please include your e mail. Please note, this initial survey form is not a SBA loan application.
When the EIDL program is activated, you will be contacted to apply directly to the SBA and this website will be updated with application details. For questions, please contact Disaster.Recovery@mass.gov
About the EIDL program: EIDLs provide small businesses with working capital loans of up to $2 million to help meet financial obligations and operating expenses until normal operations resume.
Process for Accessing SBA’s Coronavirus (COVID-19) Disaster Relief Lending
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
- Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by the Coronavirus (COVID-19).
- SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.
- Once a declaration is made for designated areas within a state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities as well as updated on our website: SBA.gov/disaster.
- SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
- 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 without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
- SBA offers loans with long-term repayments in order 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.
- SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
- For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail email@example.com.
- Visit SBA.gov/disaster for more information.