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Essentials to Know About SBA Disaster Assistance Loans

Michigan Business Network
March 27, 2020 8:00 PM

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New legislation in the wake of the coronavirus pandemic provides funding for the SBA to provide low-interest disaster assistance loans to struggling small businesses.

https://www.sba.gov/page/disaster-loan-applications

Disaster Loan Applications

Find out how to apply for SBA Disaster loans below, and click here for some useful slides of guidance.

Economic Injury Disaster Loans and Loan Advance

To apply for a COVID-19 Economic Injury Disaster Loan, click here.

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.

Economic Injury Disaster Loans are also available to residents in declared disaster areas. To view the full list of disaster declarations, click here.

To apply for a disaster loan unrelated to COVID-19, click here.

Home Loans or Sole Proprietor Loans

Homeowners and Renters must register with the Federal Emergency Management Agency (FEMA) to obtain a FEMA Registration ID Number by calling 1-800-621-3362 prior to applying for an SBA loan.

To apply, click here.

Mailing instructions

All required documents listed below under Forms must be returned. All forms requiring signature must be signed and dated. Incomplete applications will not be accepted.

U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Rd.
Ft. Worth, TX 76155-2243

Use this form to upload your disaster loan application.

Useful links

Get help

Contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or by e-mail at disastercustomerservice@sba.gov

 
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Michigan Business Network is an online broadcasting company that provides knowledge, news, and insights into Michigan’s businesses, industries, and economy.