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.
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.