SBA Economic Injury Disaster Loans (EIDLs) - additional information

New information is being released daily to inform businesses who are seeking SBA's EIDLs. See below for information that is supplemental to what we shared, yesterday.

  • Applicants should expect a 30 to 60 day turnaround on their application. Payroll, expenses, and bills should be paid out of reserves during this time.
  • Businesses with 500 or fewer employees are eligible for the loan program.
  • There are no costs associated with the application, and there are ample resources to assist you with the application. Please allow us to connect you to these resources and do not pay anyone to assist you.
  • SBA has stressed that they want to lend this money to as many businesses as possible that are in need.
  • If you are unsure of the amount that you will need, SBA is encouraging applicants to ask for more than they anticipate needing. It will be difficult for a business to re-apply for the loan program, if they need more unexpectedly. You are always able to turn down a portion of the loan offered or pay back what you do not use.
  • SBA is encouraging businesses to ask for enough to cover expenses for the next 6-8 months, up to $2 million.
  • The loan can be paid back over a period of time of up to 30 years, at a 3.75% rate (2.75% for nonprofits).
  • Credit history is not a driver for this program but be prepared to explain any bad history.
  • If you have current SBA loans, you will still be eligible for the EIDL program.
  • SBA will not require collateral for loans under $25,000.
  • SBA will not deny a larger loan based on lack of collateral.
  • Unlike most SBA loans, you will not have to prove that you are unable to get funding from other sources.
  • You will be able to apply for each franchise/company that you own.

See below for what information you will need to provide SBA, in order to apply for the loan.

  • Up-to-date financials through last year
  • Month to month financials for this year
  • Latest tax records digitally
  • Month to month profits and loss from the past year to help anticipate how much you will need in the coming months
  • Proof of physical location in an eligible area

To view the slideshow from yesterday's presentation by Alabama's SBDC, CLICK HERE. A video of the presentation will be made available, soon, at the same link.

Business owners can reach out to the SBA for more information about this program by calling 1-800-659-2955 or emailing  disastercustomerservice@sba.gov . SBA is anticipating application approval to take approximately 30-60 days.

To learn more about the program and apply for a loan visit the SBA website.
Filing Deadline for Taxes Extended to July 15

U.S. Treasury Secretary Steve Mnuchin announced, today, that the filing deadline for federal taxes will be pushed three months, to July 15. The Treasury Department is encouraging taxpayers who expect to receive a tax return to file as soon as possible, in order to get their funds in-hand. Taxpayers can still request the usual six-month extension.
State-level Legislative Action

The National Conference of State Legislatures is compiling and continually updating their list of state-level legislative action being taken, in response to COVID-19. To view the list of legislation, by state, click the graphic, below.