Step-by-step Guide: How to apply for SBA Disaster Loans
gener8tor is running a series of Emergency Response Programs for small business owners, startups, entrepreneurs, freelancers, nonprofits, creatives and artists. Learn more and sign up here: https://www.gener8tor.com/emergency-response-program.
UPDATE (March 31, 2020):
We have revised the step-by-step guide and Google Slides for the NEW streamlined, online SBA Disaster Loan (EIDL) and Emergency Grant process:
If you previously applied for the SBA Disaster Loan (EIDL) before March 30th via any of the OLD processes/applications you MUST APPLY AGAIN via the new process in order to be eligible for an Emergency Grant of up to $10,000: https://covid19relief.sba.gov.
If you are looking for more information about the CARES Act or the Paycheck Protection Program (PPP), please refer to our blog post here: https://medium.com/gener8tor/gener8tor-cares-act-deck-d72b51ba745d.
One of the biggest available resources are SBA Disaster Loans:
The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). 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.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
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.
In the wake of this, we prepared the following step-by-step guide for entrepreneurs applying for an SBA Disaster Loan: https://docs.google.com/presentation/d/10xcljddD7Z9n1zs1qmecChHWEPjb9AaEwW4TrDpCbQ4/edit?usp=sharing
VIDEO: We have also uploaded this step-by-step video walking through each step of the process with voiceover: https://youtu.be/ZTLUACeyiWM.