Economic Injury Disaster Loans & Loan Advance
Last updated: April 1, 2020
In response to the COVID-19 pandemic, small business owners are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
Working capital loans of up to $2 million are also available to provide economic support to help overcome the temporary loss of revenue small businesses are likely experiencing as a result of the outbreak.
The small business must be able to prove that it has suffered actual economic injury in order to qualify.
Apply for an Economic Injury Disaster Loan
Important note to maintain eligibility for loan forgiveness (from the Paycheck Protection Program):
It is recommended that businesses who wish to take advantage of the Paycheck Protection Program do not accept loan funds from the Economic Injury Disaster Loan program until the SBA can release further guidance on the Paycheck Protection Program as acceptance of funds could prevent you from being eligible for loan forgiveness under that program. Please know: a business that applies for an Economic Injury Disaster Loan does not need to accept the funds immediately.
Are you considering applying for the Paycheck Protection Program? Click here.
SBA COVID-19 Small Business Guidance & Loan Resources
*This is a rapidly evolving situation. Information provided is believed accurate as of the time of publication and is First FarmBank's interpretation of the material that has been provided thus far by the US Treasury Department and the Small Business Administration. First FarmBank will continue to closely monitor these programs and will update information as new details become available. The Paycheck Protection Program and Economic Injury Disaster Loan program are both governed by the SBA. For complete details, please refer to their website: https://www.sba.gov/.
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