The SBA currently has a loan called Economic Injury Disaster Loan that you can apply to if your business has a loss of revenue due to COVID. These loans are very low interest and have had deferred payments for most of the last year (you have not had to start paying them back because of the pandemic). If you need money to pay your bills this is a good option. Below is information from the SBA. You will apply to the SBA for this loan HERE.
In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19.
Frequently Asked Questions about COVID-19 EIDL Loans
PURPOSE |
To meet financial obligations and operating expenses that could have been met had the disaster not occurred |
TERMS |
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USE OF PROCEEDS |
Working capital and normal operating expenses Example: continuation of health care benefits, rent, utilities, fixed debt payments. |
COLLATERAL REQUIREMENTS |
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FORGIVABLE |
*Advance funds have been fully allocated and are not currently available |
MATURITY |
30 years |
PAYMENTS |
Deferred one year; interest still accrues Set up online payments through Pay.gov OR mail payments to: U.S. Small Business Administration Be sure to include EIDL loan number on mailed-in checks. |
SBA is currently accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations.
If you have already applied via the streamlined application portal, please do not resubmit your application.
Loan eligibility
Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to COVID-19.
Agricultural businesses with 500 or fewer employees are now eligible as a result of new authority granted by Congress in response to the COVID-19 pandemic.
Agricultural businesses include those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).