How do I get started with the SBA virus loan? Coronavirus has business shut down.

Richard asked 3 months ago
1 Answer
Brittany Staff replied 3 months ago
Hi Richard,

I'm so sorry to hear about your business. Unfortunately, a lot of small businesses are feeling the negative impacts of the coronavirus pandemic.

The Small Business Administration (SBA) made low-interest loans available for SMBs affected by the virus. You are only eligible for the loan once your governor has officially declared your state/county as impacted.

You can check the status of your region through your state and county websites, and on the SBA site: https://disasterloan.sba.gov/ela/Declarations/Index

We will also be updating this master list of states and counties on Workest: https://www.zenefits.com/workest/a-master-list-of-states-and-counties-eligible-for-sba-coronavirus-relief-loans/

Once your region has been declared eligible you can start the application process at the link below. Make sure you select "Economic Injury" when inquiring about your business losses. The SBA stipulates that the loans may only 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 will be 3.75% for small businesses.

Apply here: https://disasterloan.sba.gov/ela/

I hope this helps!