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.
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.
Businesses can apply for the loans by clicking on the button below and will be required to complete:
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.
Help is also available through one of the eight Arkansas Small Business and Technology Centers:
Jonesboro - Arkansas State University - 870-972-3517 - firstname.lastname@example.org
Arkadelphia Henderson State University - 870-230-5184 - email@example.com
Fayetteville - University of Arkansas Fayetteville - 479-575-5148 - firstname.lastname@example.org
Hot Springs - Greater Hot Springs Chamber - 870-230-5184 - email@example.com
Little Rock - University of Arkansas at Little Rock - 800-862-2040 - firstname.lastname@example.org
Magnolia - Southern Arkansas University - 870-235-5033 - email@example.com
Monticello - University of Arkansas Monticello - 870-460-1910 - firstname.lastname@example.org
Russellville - Arkansas Tech University - 479-356-2077 - email@example.com