A Current Overview of the SBA Economic Injury Disaster Loan

Here is a brief overview of the SBA Economic Injury Disaster Loan.

Approval Criteria

· Credit score of 650 and higher.

· Determination you can repay the loan.

· County or State must have been declared a disaster area.

Characteristics of the loan

· 3.75 Interest rate for small businesses. 2.75 for non-profit organizations.

· $2 million dollar cap on loan amount.

· Up to 30-year term.

How the amount of your loan is determined.

· 2019 Gross profits ÷2

What do I need to apply?

· Projection of sales for the next 3-6 months.

· Projection of business expenses for the next 3-6 months, including (Long-term debt payments, Accounts payable, Inventory, Payroll).

· Amount of estimated loss.

Where do I apply?

· Visit the SBA Disaster website (it is best to do this in off peak hours).