Dear Members and Business Community:

The following information was provided by a March 24th, SBA conference call reviewing of the SBA Disaster Assistance - Economic Injury Disaster Loan (EIDL).

  • Apply at
  • Questions: 800-659-2955
  • Program provides working capital loans only
  • Requires certification that business was affected by a disaster (COVID-19)
  • The evaluation includes credit history and ability to repay
  • Built in 12 month payment deferment period with interest accruing
  • Loan based on need and will be determined by SBA
  • A fixed interest rate of 3.75% up to 30 years with $2 million maximum
  • It can be used for debt payments, accounts payable, payroll, leases, utilities, etc. 
  • Cannot be used to refinance existing debt
  • Collateral required for loans greater than $25,000
  • Most small businesses are eligible including property rental owners
  • No fee
  • No obligation to take the loan. You have up to six months from approval to decide
  • Previous disaster loans don't disqualify for this loan

Filing Requirements - Online
(Can apply with paper forms, but recommended to apply online)
  • Application (Form 5 or 5c - depends on the business structure)
  • Tax information authorization to access three years tax returns from IRS
  • Copy of 2019 tax return if ready. If not, provide 2019 financial statements. 
  • Schedule of liabilities. This will include all of your expenses.

  • Peak hours for online access are 7 a.m. to 7 p.m. ET. The system has been slowing down during these times.
  • Explorer or Firefox browsers have worked best
  • Upload any critical information including clarifications or explanations under the Tax Return upload window
  • After logging in and setting up user and password, select EIDL as the loan program you are applying for and select COVID-19 as the basis
  • Check the certifications, then start the application (see filing requirements above for the sections)
  • Anything shown with an asterisk is required information
  • If a yellow bar appears, you need to quickly hit the save button. It is recommended to save frequently as you move through the application.
  • Average processing time has been 21 days
  • Disbursement will depend on SBA getting additional information they may request especially if collateral is required, but can be 3-4 days

Please reach out if you require any additional information or have questions.

Stay safe and stay healthy.


Tara Arens, Manager
Keweenaw Chamber of Commerce

Jeff Ratcliffe, Executive Director
Keweenaw Economic Development Alliance

Brad Barnett, Executive Director
Keweenaw Convention and Visitors Bureau