SBA Economic Injury Disaster Loan (EIDL)

The Small Business Administration (SBA) has declared all 56 states and territories eligible for the Economic Injury Disaster Loan Program. Businesses with fewer than 500 employees can apply for up to $2 million for payroll, fixed debts, accounts payable, and other expenses that can’t be paid due to the loss of revenue caused by the Coronavirus. The loans cannot be used to cover lost profits.

Fees & General Terms

There is no fee to apply for the loan and interest rates are 3.75% for businesses and 2.75% for not-forprofits. The maximum loan term is 30 years. The loans also offer a one-year deferment on payments,
meaning the first payment isn’t due for a year after the loan date. However, interest starts accruing on the loan the moment the funds are disbursed. There is no prepayment penalty if the loan is repaid before the maturity date. Collateral is required for loans over $25,000.

Application Process

Businesses can apply for the loans by clicking on the button below:

When completing SBA Form 5 or 5c, mark the "Economic Injury" box in part 1. SBA recommends using Internet Explorer or Firefox to access the website and applying during off peak times, which is 7 pm to 7
am. The SBA has a help line for one-on-one assistance: 1-800-659-2955.

Additional Help

Help is also available through one of the eight Arkansas Small Business and Technology Centers:

Jonesboro - Arkansas State University - 870-972-3517 -
Arkadelphia Henderson State University - 870-230-5184 -
Fayetteville - University of Arkansas Fayetteville - 479-575-5148 -
Hot Springs - Greater Hot Springs Chamber - 870-230-5184 -
Little Rock - University of Arkansas at Little Rock - 800-862-2040 -
Magnolia - Southern Arkansas University - 870-235-5033 -
Monticello - University of Arkansas Monticello - 870-460-1910 -
Russellville - Arkansas Tech University - 479-356-2077 -

Get in touch.  Stay informed.

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