To meetfinancia(obIigation5 and operating expenses that could have been met had the disaster not occurred
- For loans approved starting the week of April 6, 2021: 24-month5 of economic injury with a maximum (oan amount ofS500,000.
- For loans approved prior to the week of April 6, 2021, see loan ,n I-Cases.
- o 3.T50/ for busine5ses (fixed) 2.T5% for nonprofits (fixed) 30 years
- No pre-payment penalty or fees
- Working capital and normal operating expenses
Example:continuation of health care benefits, rent, utilities, fixed debt payments.
- Required for loans over $25,000.
- SBA uses a general security agreement(UCC) designating business assets as collateral, such as machinery and equipment, furniture and fixtures, etc.
- NO — EIDL Loan
- YES — EIDL Advance*
*Advance funds have been fully allocated and are not currently available
- 30 years Borrower may make payments if they choose to do so.
- Set up on(ine payments through Pay.¿a. OR mail payments to:
U.S. Small Business Administration 721 19th Street
Denver, CO 80202