3/26 Update: Information on SBA business assistance

WEII Note: Detailed information on SBA Economic Injury Disaster Loans is being disseminated by the U.S. Small Business Administration. A portion of that guidance is reprinted with permission below. For complete and up-to-date information, sign up for the SBA e-newsletter at www.sba.gov/updates.

Link to SBA Video hosted by St. Paul Chamber of Commerce

What’s an EIDL?

  • The SBA EIDL program can provide low-interest loans of up to $2M to businesses and private non-profits.
  • EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills. 
  • The interest rate is 3.75% for small businesses without credit available elsewhere. The interest rate for non-profits is 2.75%.
  • EIDLs have long-term repayment options, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based on borrower’s ability to repay.

How do I apply?