Economic Injury Disaster Loans and Loan Advance

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

In Case you’re wondering what kind of information you need to fill this out, here are some of the questions you need to be prepared to answer. 

• The Applicant is not engaged in any illegal activity (as defined by Federal guidelines). 
• The Applicant is not an agricultural enterprise (e.g., farm), other than an aquaculture enterprise, agricultural cooperative, or nursery. 
• Applicant does not derive more than one-third of gross annual revenue from legal gambling activities. 

More information is located on the first page of the application. 

After filling out these simple questions, you will then dive into the business information portion. Be prepared to answer your:

• Gross Revenues for the twelve month prior to the date of the disaster (January 31, 2020) 
• Cost of Goods Sold for the twelve month prior to the date of the disaster. 

These are both questions that are required before you can move on. You will also need to state your detailed business activity as well as the number of employees you had as of January 31, 2020. Next is the Individual Owner/Agent information. This is pretty standard, fill in the blank questions, such as: name, birth date, SSN, address, etc. You will need to know your ownership percent of the business for this section of the application.