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SBA Reopens Disaster Loan Program for All Businesses

June 2020

The Small Business Administration has reopened its Economic Injury Disaster Loan program to all small businesses.

The SBA had begun limiting the loans to agriculture-related businesses in May, but reopened them to all eligible businesses beginning June 15.

The loans may be used to pay debts, payroll and other costs, including items that are not covered in the Paycheck Protection Program. The disaster loans are available in a 3.75 percent interest rate for businesses and 2.75 percent interest rate for non-profit organizations.

The EIDL also offers a chance to apply for a cash advance of up to $10,000. While the loans call for repayment, the cash advances need not be repaid, even for applicants that ultimately don't receive a loan.

For additional information, applications and more, visit this page on the SBA website.

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