SBA Economic Injury Disaster Loans
March 24, 2021 Update:
SBA to Increase Lending Limit for COVID-19 Economic Injury Disaster Loans
Today the U.S. Small Business Administration announced they have increased the maximum amount small businesses and non-profit organizations can borrow through the EIDL program. Starting April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months with a maximum of $150,000 to 24 months with a maximum of $500,000. Learn more about these changes and the EIDL program by clicking here.
April 16, 2020 Update
SBA Economic Injury Disaster Loans and Paycheck Protection Program unable to accept new applications
The Small Business Administration is unable to process any new applications for Economic Injury Disaster loans or Paycheck Protection Program Loans at this point in time due to a lapse in appropriations.
SBA Economic Injury Disaster Loans
Small businesses who intend on applying for loans from the U.S. Small Business Administration may want to begin applying for the Economic Injury Disaster Loans now. Startup Junkie Consulting has developed a "Get Ready Guide: Applying for an Economic Injury Disaster Loan" that will help you navigate the process. The Fayetteville Chamber of Commerce has also developed a resource guide to help you as you apply.
The U.S. Small Business Administration recently developed a new application portal the Economic Injury Disaster Loans. The SBA application portal contains links all of the necessary forms and instructions on how to apply. Click here to go to the U.S.Small Business Administration Economic Injury Disaster Loan portal.
Have questions or need help applying? Numerous resource providers are ready to help you:
- Startup Junkie Consulting
- Arkansas Small Business and Technology Development Center
- Fayetteville Chamber of Commerce
- Fayetteville Department of Economic Vitality
Helpful Links and Resources pertaining to SBA Economic Injury Disaster Loans (EIDLs):
- "Get Ready Guide: Applying for an Economic Injury Disaster Loan"
- Fayetteville Chamber of Commerce SBA Disaster Assistance Loan Guide
- SBA Help Line: 1-800-659-2955
- SBA Help Email: Disastercustomerservice@sba.gov
- SBA Disaster Loan Assistance Forms and Instructions
- SBA COVID-19 Small Business Guidance and Loan Resources
*Please note the CARES ACT contains an additional program loan which will be deployed through the SBA’s existing 7(a) loan program frame work. Businesses can apply for both. For more information on the CARES ACT please see the update from March 28, 2020 on the main COVID-19 Business Resource Page.
March 20, 2020 Announcement pertaining to SBA Economic Injury Disaster Loans
The SBA has approved Disaster Declaration #16372 Arkansas Disaster number AR-00109 as a statewide declaration for small businesses affected by COVID-19. Businesses located in all counties can apply at: SBA Disaster Loan Assistance Website.
Startup Junkie Consulting has developed a guide for how you can be prepared to apply. Click here to view their Disaster Loan Guide.
Tips from ASBTDC on SBA Economic Injury Loan Applications:
- Use Internet Explorer or Mozilla Firefox to apply.
- The Help Button provides useful information for each page.
- Use the Save button frequently.
- Be patient and keep trying if you experience slow load times.
Need a hand? ASBTDC is available to assist you virtually by phone, email, or video conference. Contact your consultant or click here to complete ASBTDC’s online signup.
For additional information on disaster assistance, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-887-8339) or email at email@example.com or contact the Arkansas SBA team at 501-324-7379.