How To Apply for a Coronavirus Small Business Loan: SBA Disaster Assistance

coronavirus This photo from the Centers for Disease Control and Prevention (CDC) shows a microscopic view of the Coronavirus at the CDC in Atlanta, Georgia.

The SBA is offering Disaster Assistance loans to small businesses affected by COVID-19 and the coronavirus outbreak. Here are details on where you can go to apply for the loan and how the loans in your state may work.This program is available for states that have declared COVID-19 disasters, although there are other opportunities based on previous disaster declarations.


Links & Details for Each State

You can find the full list of states with links here or in the chart below. Clicking on each link in the chart below will take you to a page provided by the SBA with more information for your state, where you can download PDFs with relevant details about who qualifies and how the loans work. The PDFs will also share the filing deadlines, credit requirements, and other important details. Also, pay attention what the loans can be used for, as there may be some limitations.

For example, in Wyoming, Florida, and New York, applicants must have a credit history that is acceptable to the SBA and show they will be capable of repaying the loan, and collateral is only required for loans of more than $25,000, which can include real estate. The SBA won’t decline a loan for lack of collateral but the SBA will “require the borrower to pledge collateral that is available.” The maximum interest rate for a disaster loan is 3.75% with a maximum term of up to 30 years. EIDLs are limited to $2 million for alleviating economic injury from a disaster.

Here are the links for information on each state’s Disaster Loan Assistance opportunities, as provided directly by the SBA. You can also find the full list of states with links here on the SBA’s website.

UPDATE: The links in the chart below may no longer be working or may be down because of so many people visiting the SBA’s website. To apply for an SBA disaster loan, please visit the link here or go here to directly find the Economic Injury Disaster Loan Assistance page. To learn more about all the SBA loan options, another webpage that is working currently is here.

According to the SBA: “Small business owners in all U.S. states, Washington D.C., and territories are currently eligible to apply for a long-term, low-interest loan due to Coronavirus (COVID-19).”

Alabama Coronavirus (COVID-19) 1/31/2020 and continuing
Alaska Coronavirus (COVID-19) 1/31/2020 and continuing
American Samoa Coronavirus (COVID-19) 3/21/2020 and continuing
Arizona Coronavirus (COVID-19) 1/31/2020 and continuing
Arkansas Coronavirus (COVID-19) 1/31/2020 and continuing
California Coronavirus (COVID-19) 1/31/2020 and continuing
Colorado Coronavirus (COVID-19) 1/31/2020 and continuing
Connecticut Coronavirus (COVID-19) 1/31/2020 and continuing
Delaware Coronavirus (COVID-19) 1/31/2020 and continuing
District Of Columbia Coronavirus (COVID-19) 1/31/2020 and continuing
Florida Coronavirus (COVID-19) 1/31/2020 and continuing
Georgia Coronavirus (COVID-19) 1/31/2020 and continuing
Guam Coronavirus (COVID-19) 1/31/2020 and continuing
Hawaii Coronavirus (COVID-19) 1/31/2020 and continuing
Idaho Coronavirus (COVID-19) 1/31/2020 and continuing
Illinois Coronavirus (COVID-19) 1/31/2020 and continuing
Indiana Coronavirus (COVID-19) 1/31/2020 and continuing
Iowa Coronavirus (COVID-19) 1/31/2020 and continuing
Kansas Coronavirus (COVID-19) 1/31/2020 and continuing
Kentucky Coronavirus (COVID-19) 1/31/2020 and continuing
Louisiana Coronavirus (COVID-19) 1/31/2020 and continuing
Maine Coronavirus (COVID-19) 1/31/2020 and continuing
Maryland Coronavirus (COVID-19) 1/31/2020 and continuing
Massachusetts Coronavirus (COVID-19) 1/31/2020 and continuing
Michigan Coronavirus (COVID-19) 1/31/2020 and continuing
Minnesota Coronavirus (COVID-19) 1/31/2020 and continuing
Mississippi Coronavirus (COVID-19) 1/31/2020 and continuing
Missouri Coronavirus (COVID-19) 1/31/2020 and continuing
Montana Coronavirus (COVID-19) 1/31/2020 and continuing
Nebraska Coronavirus (COVID-19) 1/31/2020 and continuing
Nevada Coronavirus (COVID-19) 1/31/2020 and continuing
New Hampshire Coronavirus (COVID-19) 1/31/2020 and continuing
New Jersey Coronavirus (COVID-19) 1/31/2020 and continuing
New Mexico Coronavirus (COVID-19) 1/31/2020 and continuing
New York Coronavirus (COVID-19) 1/31/2020 and continuing
North Carolina Coronavirus (COVID-19) 1/31/2020 and continuing
North Dakota Coronavirus (COVID-19) 1/31/2020 and continuing
Northern Mariana Islands Coronavirus (COVID-19) 1/31/2020 and continuing
Ohio Coronavirus (COVID-19) 1/31/2020 and continuing
Oklahoma Coronavirus (COVID-19) 1/31/2020 and continuing
Oregon Coronavirus (COVID-19) 1/31/2020 and continuing
Pennsylvania Coronavirus (COVID-19) 1/31/2020 and continuing
Puerto Rico Coronavirus (COVID-19) 1/31/2020 and continuing
Rhode Island Coronavirus (COVID-19) 1/31/2020 and continuing
South Carolina Coronavirus (COVID-19) 1/31/2020 and continuing
South Dakota Coronavirus (COVID-19) 1/31/2020 and continuing
Tennessee Coronavirus (COVID-19) 1/31/2020 and continuing
Texas Coronavirus (COVID-19) 1/31/2020 and continuing
US Virgin Islands Coronavirus (COVID-19) 1/31/2020 and continuing
Utah Coronavirus (COVID-19) 1/31/2020 and continuing
Vermont Coronavirus (COVID-19) 1/31/2020 and continuing
Virginia Coronavirus (COVID-19) 1/31/2020 and continuing
Washington Coronavirus (COVID-19) 1/31/2020 and continuing
West Virginia Coronavirus (COVID-19) 1/31/2020 and continuing
Wisconsin Coronavirus (COVID-19) 1/31/2020 and continuing
Wyoming Coronavirus (COVID-19) 1/31/2020 and continuing

How To Apply for a Loan

You can also apply for a loan directly by going to the SBA’s Disaster Loan webpage at this link

Low-interest COVID-19 disaster loans are available in all U.S. states, territories, and in Washington D.C. The loans are up to $2 million for small businesses with working capital. According to the SBA, if you go to the link above, simply download the forms, fill them out, and then upload them. These include business loans, home or sole proprietor loans, and supporting information.

Homeowners and renters seeking home loans or sole proprietor loans need to take an additional step of registering with FEMA to get a FEMA ID Number, the website notes.

Note that filling out the forms won’t always be easy and sometimes you may notice that the site crashes. On Reddit, one small business owner created a video detailing the process and how it works.

VideoVideo related to how to apply for a coronavirus small business loan: sba disaster assistance2020-03-27T18:56:04-04:00

This process may be longer than you expect, so set aside at least a few hours. If you have any questions, you can call your local SBA for help.