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Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. 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.
Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.You risk nothing by applying and are not obligated to take the loan if approved, but in the instance that you do need these funds applying could be the difference between keeping your small business afloat or closing the doors.
The SBA encourages every business or nonprofit affected to apply online (visit here to confirm eligibility). Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. The deadline to apply for an Economic Injury Disaster Loan is Dec. 17, 2020.
Note: Once you register and start the online application process, you will be prompted to select your business type and then select the loan type that you are applying for. Please be sure to select the right business type because there are 2 different loan applications AND you must select ‘Economic Injury (EIDL)’ to be able to select the Coronavirus Disaster Declaration.
We will continue to share additional resources as they become available. This is by no means an all-inclusive list, but we hope it gives you a good starting point to get the help you need to deal with the crisis at hand.
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SBA Resource Partners are ready to help with no-cost, one-on-one business counseling regarding COVID-19. Free assistance with reconstructing financial records, preparing financial statements and submitting the loan application is available from any of SBA’s partners:
- During these challenging time our partners are conducting advising sessions virtually via zoom and phone. Make sure you check out all virtual workshops that are taking place of in-person workshops. Reach out and let us know how we can assist you!
Small Business Development Centers - NH SBDC
Center for Women and Enterprise - CWE
Veteran’s Business Outreach Centers or -SCORE
- State of NH info for businesses
- If you have lost work due to COVID-19, you may be eligible for unemployment relief, even if you are self-employed. Find out if you are eligible Here.
If this newsletter was forwarded to you, sign up now to make sure you get additional information as it becomes available via sba.gov/updates.
We will also be posting information on Twitter (@SBA_NH) as it becomes available. Join us there.
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