At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
Provides small businesses with working capital loans of up to $2 million to small businesses to help overcome the temporary loss of revenue they are experiencing. You can request an emergency advance of $10,000 within 3 days of receiving the application and do not have to repay the advance if you are denied a loan.
Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster.
These loans are intended to assist through the disaster recovery period.
The interest rate is determined by formulas set by law and is fixed for the life of the loan. The maximum interest rate for this program is 3.750 percent.
The law authorizes loan terms up to a maximum of 30 years. SBA will determine an appropriate installment payment based on the financial condition of each borrower, which in turn will determine the loan term.
Loan Amount Limit:
The law limits EIDLs to $2,000,000 for alleviating economic injury caused by the disaster. The actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries up to the administrative lending limit. SBA also considers potential contributions that are available from the business and/or its owner(s) or affiliates. If a business is a major source of employment, SBA has the authority to waive the $2,000,000 statutory limit.
Loan Eligibility Restrictions:
Noncompliance – Applicants who have not complied with the terms of previous SBA loans may not be eligible. This includes borrowers who did not maintain required flood insurance and/or hazard insurance on previous SBA loans.
Loan applicants should check with agencies / organizations administering any grant or other assistance program under this declaration to determine how an approval of SBA disaster loan might affect their eligibility.
Economic injury disaster loans cannot be used to refinance long term debts.
To protect each borrower and the Agency, SBA may require you to obtain and maintain appropriate insurance. By law, borrowers whose damaged or collateral property is located in a special flood hazard area must purchase and maintain flood insurance. SBA requires that flood insurance coverage be the lesser of 1) the total of the disaster loan, 2) the insurable value of the property, or 3) the maximum insurance available.
1. Complete your Initial Loan Packet through the Contact Us below and our unique Sign Now link.
2. Our team will review your documents using proprietary scoring metrics.
3. Once pre-screened, we will present your SBA application to the SBA and collect any supporting documents needed for a formal proposal. (Receive your proposal letter in as little as 24 hours)
4. Once accepted, we’ll conduct all communications and managememnt of the loan process until closing and you funds are issued which can be in as little as 30 days.
Having the following information and documentation will better prepare you for submitting an application for this or other programs currently available, or programs that may become available at a later date.
These loans are not funded through lenders but are funded directly from the SBA. We are asking you to gather as much information as you can so that any delays will be prevented
We will assist you in submitting the application so we will be able to hold this information for you once we are ready to submit your application.
Instead of downloading these, you can utilize our electronic application process and be done in less than 10 minutes!
Yes, those suffering substantial economic injury in all 50 states, DC, and the territories may apply for an EIDL.
EIDLs are lower interest loans of up to $2 million, with principal and interest deferment at the Administrator’s discretion, that are available to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses.
Those eligible are the following with 500 or fewer employees:
Small business concerns and small agricultural cooperatives that meet the applicable size standard for SBA are also eligible, as well as most private non-profits of any size.
Yes, if you are a private non-profit with an effective ruling letter from the IRS, granting tax exemption under sections 501(c), (d), or (e) of the Internal Revenue Code of 1954, or if you can provide satisfactory evidence from the State that the non-revenue producing organization or entity is a non-profit one organized or doing business under State law. However, a recipient that is principally engaged in teaching, instructing, counseling, or indoctrinating religion or religious beliefs, whether in a religious or secular setting, or primarily engaged in political or lobbying activities is not eligible to receive an EIDL. If you are uncertain whether you qualify, please consult with legal counsel to determine whether your organization meets program criteria.
Those eligible for an EIDL and who have been in operation since January 31, 2020, when the public health crisis was announced.
The grants are backdated to January 31, 2020 to allow those who have already applied for EIDLs to be eligible to also receive a grant.
Whether you’ve already received an EIDL unrelated to COVID-19 or you receive a COVID19 related EIDL and/or Emergency Grant between January 31, 2020 and June 30, 2020, you may also apply for a PPP loan. If you ultimately receive a PPP loan or refinance an EIDL into a PPP loan, any advance amount received under the Emergency Economic Injury Grant Program would be subtracted from the amount forgiven in the PPP. However, you cannot use your EIDL for the same purpose as your PPP loan. For example, if you use your EIDL to cover payroll for certain workers in April, you cannot use PPP for payroll for those same workers
Please click the button to find out if your business meets SBA’s small business size standards. You will need the 6-digit North American Industry Classification Code for your business and your business’s 3-year average annual revenue.
We can start the process for you by calling us, fill in the information above, or you can do it yourself online: https://disasterloan.sba.gov/ela/.
Yes, SBA resource partners are available to help guide you through the EIDL application process. We at ACS Executives would like to help you as well and that is why we have created this easy application process so you can continue to attend to your business and employees.
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