How do I qualify for the SBA coronavirus relief loan?

athanasios asked 4 weeks ago
How quickly can I receive the money? Also how much money?
1 Answer
Jesse Staff replied 4 weeks ago
The short answers to your questions are:

It's a process.

It's not clear.

Up to $2 million.

The more nuanced answer:

In order to qualify for the SBA's relief loans for the coronavirus outbreak, the governor of the state where your business is located needs to officially request that the SBA declare the county or region of where you're located as impacted. I would monitor and/or contact county and state officials to see if they've done that.

After that, you would likely be able to apply here: https://www.sba.gov/funding-programs/disaster-assistance

The SBA hasn't issued guidance on how long it would take to receive the funds once approved. If they do, we'll update readers of Workest on it.

Lastly, the SBA has said the loans could be up to $2 million, with interest rates at 2.75% for nonprofits and 3.75% for small businesses. Repayment plans could be extended by as much as 30 years.

More on the program at the SBA's website here: https://www.sba.gov/disaster-assistance/coronavirus-covid-19