On March 11, the federal government announced that it is allocating $50B in financial assistance to small businesses impacted by the COVID-19 pandemic through a Disaster Loan Assistance Program to be administered by the federal Small Business Administration (“SBA”). In order to be eligible for the program, each state is required to submit an application showing the impact of the COVID-19 pandemic on small businesses within the state. Once a state’s application is approved by the SBA, small businesses within that state are eligible to apply to the SBA’s Disaster Loan Assistance Program.
Yesterday afternoon, Indiana submitted its application to the SBA, and the SBA approved Indiana’s application last evening. At this time, small businesses in all of Indiana’s 92 counties are eligible to apply for Economic Injury Disaster Loans (EIDLs) through the federal Disaster Loan Assistance Program.
Terms of the available EIDLs will vary case-by-case within the following general guidelines:
- Eligibility: Small Businesses and Private, Non-Profit Organizations
- Loan Amount: Up to US$2,000,000
- Interest Rate: 3.75% (Small Business); 2.75% (Non-Profit)
- Term: Up to 30 years
More information about the SBA Disaster Loan Assistance Program can be found here, and the SBA Disaster Loan Assistance Program application portal can be found here. Our professionals are ready to assist with the SBA Disaster Loan Assistance Program and EIDL applications.