What are the requirements to apply for a SBA coronavirus relief loan?

Kevin asked 3 months ago
1 Answer
Jesse Staff replied 3 months ago
Hi Kevin. The SBA has said the loans would be available to small businesses who have suffered "substantial economic injury as a result of the Coronavirus (COVID-19)." Importantly, in order for a business to be eligible, the area their business is located needs to be designated as an impacted area. The SBA says the process for getting an area declared starts when the governor of your state requests the SBA declare the country or territory where your business is located as eligible. I would reach out to your governor's office and county officials to see if any steps have been taken on this front.

Some states, like Washington, have already made worksheets available to help businesses prepare ahead if their area is declared eligible. An example worksheet here: http://startup.choosewashingtonstate.com/wp-content/uploads/2020/03/Economic-Injury-Worksheet-051410.pdf

The SBA also notes that funds can be used to "pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact."

More info directly from the SBA is here: https://www.sba.gov/disaster-assistance/coronavirus-covid-19

Our article on these loans is here: https://www.zenefits.com/workest/how-do-i-apply-for-the-coronavirus-small-business-loan/