Frequently Asked Questions About Applying for SBA Disaster Loans Due to Coronavirus

This article was updated on April 3, 2020 to clarify that there is no guaranteed amount for the EIDL advance/grant. We want to correct original guidance we gave regarding the $10,000 grant—it’s a common misconception, but after reading the law and hearing from some who have applied for the grant, we want to clarify that the advance is up to $10,000—you are not guaranteed a full $10,000 advance on your EIDL.

Small business owners impacted by the coronavirus crisis may want to consider an SBA Economic Injury Disaster Loan. These loans are attractive for several reasons, including:

  • Low fixed interest rates: 3.75% or 2.75% for non-profits
  • Long-term repayment of up to 30 years
  • No prepayment penalties
  • Payments deferred (interest accrues)

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