SBA U.S. SMALL BUSINESS ADMINISTRATION FACT SHEET – ECONOMIC INJURY DISASTER LOANS
Good afternoon small business stakeholder,
SBA Administrator Jovita Carranza has approved a statewide disaster declaration for NY. Eligible small businesses may now apply for SBA Economic Injury Disaster Loans (EIDL) online at disasterloan.sba.gov/ela. Please review the attached fact sheet with important information about the declaration and EIDL requirements. Businesses can take advantage of free assistance offered by SBA’s network of Resource Partners for help with preparing their loan applications. They may visit www.sba.gov/local-assistance to find local help. The NYS Small Business Development Center network recommends submitting a request for assistance online at nyssbdc.org/appointment.html.
Please don’t hesitate to contact our office with any additional questions on behalf of your constituents.
SBA Coronavirus Economic Injury Disaster Loan Information
If you missed this morning’s Zoom call regarding the SBA loan program, the presentation materials can be found on this link>>
The link to the SBA application portal is:
If you would like to schedule an appointment with an advisor from the SBDC, our website link is:
To make it easier to complete the application, we recommend that you download the application and required federal forms prior to starting the application. Below are links to the application and the required forms.
Resource Guide following the enactment of the CARES Act
SBA's Disaster Loan (EIDL) for small businesses New Streamlined Application
SBA’s Disaster Loan (EIDL) for small businesses
New Streamlined Application
As things are changing daily we are committed to sending you the most up to date information directly from the source. Please call or email us with any questions and we will do our best to help you through this challenging time for your business.
SBA’s Disaster Loan (EIDL) for small businesses:
The Federal Government is on their 3rd rendition of the disaster loan application and has a new application website:
It now has a new feature for an “EIDL Loan Advance” which can go up to $10,000. If your company is under 10 employees, you will get less than $10,000 in a per employee formula.
Applications that were started under the old app website AND NOT FINISHED, will need to be restarted. That data cannot be retrieved into this new application portal.
More changes are being made to the EIDL product every day – everyone is encouraged to apply, and we are here to help. Don’t get hung up on whether or not you are eligible as it may change!
There is a lot of talk about the new SBA Loan under the CARES ACT/Payment Protection Plan (PPP)…
This new loan is expected to roll out on Friday. This will be a guaranty loan made through a lender, not the SBA directly. Very similar process for businesses as the SBA’s regular guaranty loan. The loan can be used for payroll, rent, utilities, interest expenses AND there will be some debt forgiveness tied to employee retention. As soon as there are more official details we will send them to you.