Get August 2011 Newsletter. Pdf - SBA - Sba

o SBA's Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

SBA is the primary source of Federal money for long-term disaster recovery. Non-farm businesses (including rental properties) of all sizes as well as homeowners, and renters, whose property was damaged as a result of a declared disaster, should apply for a low-interest SBA disaster loan.

COVID EIDL loans are not eligible for forgiveness and must be repaid in full, but borrowers can take advantage of a 30-month payment deferral period that begins on the loan date. This deferral period applies to loans approved in 2020, 2021, and 2022 and is an extension of the original 12-month deferral period.

Do I Have to Pay Back an SBA Disaster Relief Loan? To summarize: If you received an Economic Injury Disaster Loan, you are required to pay it back in full.

SBA disaster loans are offered with up to 30-year terms. In a Presidential declaration, home loans for more than $25,000 must be secured with collateral to the extent possible.

The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. Your loan amount will be based on your actual economic injury and your company's financial needs, regardless of whether the business suffered any property damage.