Finding SBA Loan Help

The Small Business Administration has been tasked by Congress to oversee most of the loan programs that are intended to help Americans during this coronavirus pandemic.

Note that as of April 22, 2020, the SBA is still informing visitors to their site that the SBA is not currently accepting loan applications because funds are not currently available. The SBA official advice notice states:

“SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.”

Congress and President Trump have publicly stated that agreement has been reached on terms for another funding program for the SBA’s loans. However, at this time the required bills have not actually been voted on by Congress and signed by the President.

According the various agencies involved, that funding should be available sometime this week. However, it is widely anticipated that due to overwhelming demand, that funding will also run out within a few days.

For more information on the SBA “small business rescue” loans, visit the SBA web site. To save you from having to dig through pages of legal notices and help you quickly find details about the different COVID-19 assistance programs, we’ve included some direct links below.

US Small Business Association
Web site Home Page

Paycheck Protection Program
PPP Loan Program – Description & Requirements

Emergency Injury Disaster Loan
EIDL Loan Program – Description & Requirements

SBA Disaster Loans
Disaster Loan Application Information Page
(Currently, this mostly to the COVID-19 epidemic)

Contact the SBA
For help with applying for an Economic Injury Disaster Loan, call 800-659-2955 or email disastercustomerservice@sba.gov. You can also use a text telephone (TTY) by calling 1-800-877-8339
Due to high volume, additional SBA help with COVID-19 related loans may be requested by emailing:  answerdesk@sba.gov