SBA is working closely with state Governors to provide targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the Coronavirus (COVID-19) outbreak.
Once the Governor makes a formal request to SBA certifying that at least five small businesses in a designated area have suffered substantial economic injury as a result of COVID-19, the SBA may issue an Economic Injury Disaster Loan (EIDL) declaration.
Any such EIDL assistance declaration issued by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by the COVID-19. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.