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  • The Coronavirus Aid, Relief, and Economic Security (CARES) Act expands the Small Business Administration’s long-standing Economic Injury Disaster Loan Program (EIDL). The EIDL program was created to assist businesses, renters, and homeowners located in regions affected by declared disasters. Here’s a guide from the U.S. Chamber of Commerce to help your small business through the process.

  • SBA's Economic Injury Disaster Loan Basics

    Download a pdf detailing the basics of the SBA's Economic Injury Disaster Loans.

  • SBA to provide Economic Injury Disaster Loans for coronavirus-related economic disruptions

    Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). Click here to apply.

    Find more information on the SBA’s Economic Injury Disaster Loans at: SBA.gov/Disaster.

    The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

    The U.S. Small Business Administration (SBA) has approved Wisconsin’s request for small businesses affected by the COVID-19 pandemic to access low-interest federal disaster loans. Under the Economic Injury Disaster Loan (EIDL) program, businesses may qualify for up to $2 million in loans to cover losses resulting from the pandemic.

    Apply for an Advance

    If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.

    What is an Economic Injury Disaster Loan?

    It is a low-interest federal loan issued by the SBA to alleviate economic injury small businesses or private non-profits are experiencing injury and, in this case, injury caused by the Coronavirus (COVID-19).

    What businesses are eligible to apply?

    SBA’s Economic Injury Disaster Loans (or working capital loans) are available to small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations

    This includes:

    • Businesses directly affected by the disaster
    • 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 widgets may be eligible as well as the wholesaler and retailer of the product.

    What is the criteria for a loan approval?

    Credit History - Applicants must have a credit history acceptable to SBA.

    Repayment – SBA must determine that the applicant business has the ability to repay the SBA loan.

    Eligibility- The applicant business must be physically located in a declared county and suffered working capital losses due to the declared disaster, not due to a downturn in the economy or other reasons.

    How much can I borrow?

    Eligible entities may qualify for loans up to $2 million.

    The interest rates for this disaster are 3.75 percent for small businesses and 2.75 percent for nonprofit organizations with terms up to 30 years.

    Eligibility for these working capital loans are based on the size (must be a small business) and type of business and its financial resources.

    SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

    How can I use the loan funds?

    These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.  The loans are not intended to replace lost sales or profits or for expansion.

    What are the collateral requirements?

    Economic Injury Disaster Loans over $25,000 require collateral.

    SBA takes real estate as collateral when it is available.

    SBA will not decline a loan for lack of collateral, however, requires borrowers to pledge what is available.

    What kinds of small businesses can apply?

    Examples of eligible industries include but are not limited to the following: hotels, recreational facilities, charter boats, manufacturers, sports vendors, owners of rental property, restaurants, retailers, souvenir shops, travel agencies, and wholesalers.

    What other criteria is involved?

    The applicant business must have a physical presence in the declared disaster area. An applicant’s economic presence alone in a declared area does not meet this requirement. The physical presence must be tangible and significant. Merely having a P.O. Box in the disaster area would not qualify as a physical presence.

    SBA’s Working Capital Loans are Different from Other SBA Loans

    SBA’s Economic Injury Disaster Loan (EIDLs) funds come directly from the U.S. Treasury.

    Applicants do not go through a bank to apply.  Instead apply directly to SBA’s Disaster Assistance Program at: DisasterLoan.sba.gov

    There is no cost to apply.

    There is no obligation to take the loan if offered.

    The maximum unsecured loan amount is $25,000.

    Applicants can have an existing SBA Disaster Loan and still qualify for an EIDL for this disaster, but the loans cannot be consolidated.

    Basic Filing Requirements

    • Completed SBA loan application (SBA Form 5 or SBA Form 5C for sole proprietorships.)
    • Tax Information Authorization (IRS Form 4506T) for the applicant, principals and affiliates.
    • Complete copies of the most recent Federal Income Tax Return.
    • Schedule of Liabilities (SBA Form 2202).
    • Personal Financial Statement (SBA Form 413).
    • Other Information may also be requested.

    *Although a paper application and forms are acceptable, filing electronically is easier, faster and more accurate.

    Additional Filing Requirements / Other information that may be requested:

    • Complete copy, including all schedules, of the most recent Federal income tax return for principals, general partners or managing member, and affiliates (see filing requirements for more information).
    • If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year.
    • A current year-to-date profit-and-loss statement.
    • Additional Filing Requirements (SBA Form 1368) providing monthly sales figures. (This is especially important for Economic Injury Disaster Loans.)

    Private Non-Profit Organizations

    Examples of Non-Profit Organizations:  Nursing homes, food kitchens, museums, educational facilities, senior citizen centers, daycare centers, playhouses, community centers, shelters, rescue organizations, associations, etc.

    An eligible private non-profit organization is a non-governmental agency or entity that currently has:

    (1) An effective ruling letter from the U.S. Internal Revenue Service, granting tax exemption under sections 501(c), (d), or (e) of the Internal Revenue Code of 1954, or

    (2) Satisfactory evidence from the State that the non-revenue producing organization or entity is a non-profit one organized or doing business under State law.

    Ineligible Entities - What are some of the businesses that are ineligible for an EIDL?

    • Agricultural Enterprises -If the primary activity of the business (including its affiliates) is as defined in Section 18(b)(1) of the Small Business Act, neither the business nor its affiliates are eligible for EIDL assistance.
    • Religious Organizations
    • Charitable Organizations, businesses considered hobbies, government-owned concerns.
    • Gambling Concerns (Ex: Concerns that derive more that 1/3 of their annual gross revenue from legal gambling activities)
    • Casinos & Racetracks (Ex: Businesses whose purpose for being is gambling (e.g., casinos, racetracks, poker parlors, etc.) are not eligible for EIDL assistance regardless of 1/3 criteria above.
    • Real estate developers-establishments primarily engaged in subdividing real property into lots and developing it for resale on their own account.

    How to Apply

    • Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
    • Paper loan applications can be downloaded from www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155. 
    • Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955
      (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov

    Submit Your Application As Soon As Possible

    • Recheck the filing requirements to ensure that all the needed information is submitted.
    • The biggest reason for delays in processing is due to missing information. 
    • Make sure to complete all filing requirements before submitting the application and forms.
    • If more funds are needed, applicants can submit supporting documents and a request for an increase. 
    • If less funds are needed, applicants can request a reduction in the loan amount.
    • If the loan request is denied, the applicant will be given up to six months in which to provide new information and submit a written request for reconsideration.

    Application Portal: https://disasterloan.sba.gov/ela/
    Disaster Loan Assistance: SBA Customer Service Center: 1-800-659-2955


  • Disaster Lending Guide:

    Get Started: Complete these basic filing requirement forms

    You'll need to include these forms with your application.  If you're having trouble accessing the loan application, you can do these first. 

    • Tax Information Authorization (IRS Form 4506T) for the applicant, principals and affiliates.
    • Complete copies of the most recent Federal Income Tax Return.
    • Schedule of Liabilities (SBA Form 2202).
    • Personal Financial Statement (SBA Form 413).
    • Profit and loss statements
    • Monthly sales figures (SBA Form 1368)

    Once you start the loan application at www.sba.gov/disaster, be sure to check "Economic Injury" for the type of loan you're applying for. 

    Additional application forms:

    Note: The SBA Disaster Loan application website is experiencing high volumes of traffic and the site might be slow. Non-peak hours are 6 p.m. to 6 a.m. (The SBA recommends completing paper forms before filling out the online application as your session may time out due to the high volume of visitors to the site.)

    Username, Password, & Security Questions

    Please ensure to document your all login information and have readily accessible in the event that your session times out. The SBA also recommends saving your work frequently.

    Assistance From SBA Partners

    Free assistance with reconstructing financial records, preparing financial statements and submitting the loan application is available from any of SBA’s partners: Small Business Development Centers (SBDCs), SCORE, Women’s Business Centers (WBC), and Veteran’s Business Outreach Centers and local Chambers of Commerce. 

    For the nearest office, visit: https://www.sba.gov/local-assistance


    Mark Speirs, Consultant, Wisconsin Small Business Development Center at UW-Stevens Point

    UW-Stevens Point Continuing Education

    e: mark.speirs@uwsp.edu

    032 Old Main, 2100 Main St, Stevens Point, WI 54481



    Vicki Resech, Executive Director, MCDEVCO Inc

    1415 Merrill Ave Ste 140

    Wausau, WI 54401




  • Quick Links:

    Disaster customer service - https://www.sba.gov/funding-programs/disaster-assistance 

    Disaster loan application – https://disasterloan.sba.gov/ela/

    To determine your NAICS code – https://www.naics.com/naics-identification-help/

    To determine your NAICS code small business eligibility – https://www.sba.gov/size


    Upcoming Contracting webinars:

    March 25 - https://www.wispro.org/event/contracting-and-disaster-loan-assistance-a-covid-19-webinar-2/

    March 27 - https://www.wispro.org/event/contracting-and-disaster-loan-assistance-a-covid-19-webinar-3/


    Disaster Loan Assistance:

    SBA Customer Service Center: