The Small Business Administration (SBA) has designated COVID-19 as a qualifying event for the provision of Economic Injury Disaster Loans (EIDL) for businesses and private non-profits in affected communities.
(As of March 20th, 2020, all four of WBCS state regions (OK, NM, TX, and AR) have been, or are in the process of being declared in a state of disaster and eligible for EIDL - you can check the current official status here).
SBA Economic Injury Disaster Loans (EIDL) - what are they?
- SBA provides low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA disaster loans can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business assets. They can not be used to replace lost sales or revenue.
Is my business eligible to apply for an EIDL?
- If you are in an area directly affected by the disaster and meet the below criteria, you may be eligible. Click here for the SBA's definition of a small business.
- Businesses that offer services directly related to the businesses in the declaration
- Other businesses indirectly related to the industry that are likely to be harmed by losses in their community (Example: Manufacturer of a material may be eligible as well as the wholesaler and retailer of the product.)
I'm eligible! What is my next step?
- Visit https://disasterloan.sba.gov/ela to apply online, see eligible disaster areas, or check your current application states.
Additional Resources - we've compiled some additional articles and websites to help guide you through the process, and will keep this page updated if there are any signification changes to the program or application process.
- Applying for an Economic Injury Disaster Loan (EIDL): This easy-to-read guide from the Michigan SBDC breaks down the requirements and terms of applying for an EIDL, as well as tips for the application process.
- WBDC Resources - Helpful guides from Women's Business Development Council on the application process.
- (FAQs) Relating to COVID-19 for Texas Businesses and Community Economic Development Partners: Specific information for small businesses in Texas from the office of the Texas Governer
- The Three Step Process: Disaster Loans: Step-by-step instructions from the U.S. Small Business Administration
