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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). As of March 21, 2020, small businesses located in all 50 states, the District of Columbia, and the U.S. territories of American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and the Virgin Islands are now eligible to apply for SBA Disaster Assistance related to COVID-19. Review the “SBA Table of Size Standards” to determine if you qualify as a “Small Business.” 

How to Apply?
While paper applications are accepted, filing electronically is easier, faster, and more accurate. 

How can the loan be used?
The loans are for working capital which includes fixed debts, payroll, accounts payable, and other bills that can’t be paid due to the disaster’s impact. It does not cover lost sales. The interest rate is 3.75% for small businesses. 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.

How much can I apply for?
You will not be asked how much you would like to borrow. The SBA uses the information you provide to determine the loan amount. Small businesses can receive a secured loan up to $2 million, and an unsecured loan up to $25,000.

Gather Your Materials
• Business information
• Contact information and social security numbers for all applicants
• Identification Number (EIN) for business applicants
• Insurance information
• Financial information (e.g. income, account balances and monthly expenses) – Know the total amounts and payments due for debts that will be paid over the next 10 months or longer (i.e. mortgages, student loans, credit cards, etc.)

Other key information
• Use Internet Explorer or Mozilla Firefox to apply.
• The ‘Help Button’ provides useful information for each page.
• Use the ‘Save Button’ frequently.
• Be patient and keep trying if you experience slow load times. (The SBA is experiencing slowness and time-outs on their website due to the high volume of traffic.)

What’s next? What should you expect?
• You will receive email confirmation that your application has been submitted.
• You will receive an email letting you know that your application is under review.
• BE PREPARED: You will be contacted by someone from the SBA.
• Have your monthly expenses and financial projections ready.

For questions, please contact the SBA disaster assistance customer service center at 1-800-659-2955 or e-mail

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