How exactly does the SBA loan work and what are the proper steps to take?
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The Small Business Administration (SBA) is working directly with state governors to give targeted, low-interest loans to nonprofits and small businesses impacted by the economic downturn caused by COVID-19.
First, your governor must officially declare your state as impacted. You can check the status of your state’s eligibility at sba.gov
Once your state is eligible the information on the Economic Injury Disaster Loan application will be made available to affected small businesses within the state. You can then apply here: https://disasterloan.sba.gov/ela
The interest rate for small businesses is 3.75% and 2.75% for nonprofits.
If you need further assistance call the SBA’s Customer Service Center at (800) 659-2955 or email [email protected]
Hope this helps!
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