The eligibility requirements for SBA loans related to the coronavirus depend on the type of loan. The SBA's Economic Injury Disaster Loan Program is available to businesses in states that have been declared a disaster area by the U.S. Small Business Administration. Businesses must be able to demonstrate economic injury due to the coronavirus. Loans, which are issued in amounts up to $2 million, typically take two to three weeks from initial application to approval and another five days from approval to disbursement of funds. Interest rates are generally 3.75% for small businesses and 2.75% for nonprofits. Businesses who can obtain credit elsewhere are not eligible for the program. For more information, please visit the SBA's Economic Injury Disaster Loan Program page.

The SBA 7(a) Loan Program may also expand in response to the COVID-19 coronavirus threat. Florida Senator Marco Rubio has proposed a bill that would expand the SBA (7)(a) program’s lending authority from $30 billion to $80 billion in order to assist businesses impacted by the Coronavirus threat. In addition to expanding the 7(a) program’s lending authority, Senator Rubio’s proposal would additionally boost streamlined SBA Express Loans from a $350,000 to a $1 million maximum loan amount. It would also increase the Small Business Administration’s guarantee amount to 90% (the SBA currently guarantees between 50% to 85% of most 7(a) loans). For more information, please visit the American Banker article.

Rep. Nydia Velazquez of New York has countered with a proposal that would allow the Small Business Administration to issue loans directly to businesses, sidestepping the need for private lenders. Rep. Nydia Velazquez’s proposal would allow the SBA to provide 10-year, zero-interest loans for businesses negatively affected by the COVID-19 coronavirus. These loans would be issued in amounts up to $2.5 million. For more information, please visit the SBA's Coronavirus (COVID-19) assistance page.

The SBA's Economic Injury Disaster Loan Program may be able to provide some financial relief to small businesses affected by the economic downturn caused by the spread of the COVID-19 coronavirus. These loans are specifically designed to provide working capital for small businesses impacted by the spread of the virus, and are issued in amounts up to $2 million. Interest rates are generally 3.75% for small businesses and 2.75% for nonprofits. Businesses who can obtain credit elsewhere are not eligible for the program.

In order to apply for a loan, business owners will need to visit the U.S. Small Business Administration website at sba.gov. However, visitors should know that users have reported that the website has crashed several times in the last day or so. It may be prudent to expect some delays.

You can apply for an SBA loan related to the coronavirus through the Economic Injury Disaster Loan Program. These loans are specifically designed to provide working capital for small businesses impacted by the spread of the COVID-19 coronavirus (and related precautionary measures). Loans, which are issued in amounts up to $2 million, typically take two to three weeks from initial application to approval and another five days from approval to disbursement of funds. Interest rates are generally 3.75% for small businesses and 2.75% for nonprofits. Businesses who can obtain credit elsewhere are not eligible for the program.

In order to apply for a loan, business owners will need to visit the U.S. Small Business Administration website at sba.gov. However, visitors should know that users have reported that the website has crashed several times in the last day or so. It may be prudent to expect some delays.

As of the publication of this article, SBA disaster zones have been declared in 26 states, including New York, California, Texas, Washington D.C., Pennsylvania, Maine, Connecticut, Colorado, Texas, Oregon, Washington, Virginia, Maryland, Massachusetts, Idaho, Maine, New Hampshire, Connecticut, Arizona, Rhode Island, Nevada, Montana, Wyoming, New Mexico, and North Dakota. Readers can see a real-time list of SBA disaster zones here.

The repayment terms for SBA loans related to the coronavirus depend on the type of loan. The SBA's Economic Injury Disaster Loan Program offers loans with interest rates of 3.75% for small businesses and 2.75% for nonprofits, with repayment terms of up to 30 years. The SBA 7(a) Loan Program may also expand in response to the COVID-19 coronavirus threat, with streamlined SBA Express Loans offering a maximum loan amount of $1 million and the SBA's guarantee amount increased to 90%. Rep. Nydia Velazquez of New York has proposed a bill that would allow the SBA to issue 10-year, zero-interest loans for businesses negatively affected by the COVID-19 coronavirus, in amounts up to $2.5 million. For more information, please visit the SBA's Coronavirus (COVID-19) assistance page here.

The SBA's Economic Injury Disaster Loan Program may be able to provide some financial relief to small businesses impacted by the economic downturn caused by the spread of the COVID-19 coronavirus. These loans are specifically designed to provide working capital for small businesses impacted by the spread of the COVID-19 coronavirus (and related precautionary measures). Loans are issued in amounts up to $2 million, typically take two to three weeks from initial application to approval and another five days from approval to disbursement of funds. Interest rates are generally 3.75% for small businesses and 2.75% for nonprofits. Additionally, Senator Marco Rubio has proposed a bill that would expand the SBA (7)(a) program’s lending authority from $30 billion to $80 billion in order to assist businesses impacted by the Coronavirus threat. It would also increase the Small Business Administration’s guarantee amount to 90% (the SBA currently guarantees between 50% to 85% of most 7(a) loans). Rep. Nydia Velazquez of New York has countered with a proposal that would allow the Small Business Administration to issue loans directly to businesses, sidestepping the need for private lenders. These loans would be issued in amounts up to $2.5 million.

For more information, please visit the SBA's Coronavirus (COVID-19) assistance page.