COVID-19 Business Update
Economic Injury Disaster Loan
Overview
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.
Eligibility
The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the Coronavirus (COVID-19) pandemic.
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
Funds will be made available within three days of a successful application, and this loan will not have to be repaid. Lenders may begin processing loan applications as soon as April 3, 2020.
To apply for a COVID-19 Economic Injury Disaster Loan, click here.
To continue reading about all the changes being made in the midst of the COVID-19 crisis, please feel free to visit the links provided below:
U.S Small Business Administration
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
Internal Revenue Service – Coronavirus Tax Relief
https://www.irs.gov/coronavirus
U.S. Chamber of Commerce - Coronavirus Small Business Guide
https://www.uschamber.com/co/small-business-coronavirus
U.S. Treasury Department
https://home.treasury.gov/coronavirus
Maryland Coronavirus (COVID-19) Information for Business
https://govstatus.egov.com/md-coronavirus-business
https://commerce.maryland.gov/fund/maryland-small-business-covid-19-emergency-relief-grant-fund
Government of the District of Columbia
https://coronavirus.dc.gov/recovery-business
https://www.dcnetworks.org/vosnet/Default.aspx
