The federal government authorized a 2020 supplemental appropriation for the U.S. Small Business Administration (SBA) to provide up to $7 billion in loans to small businesses, nonprofits, and other entities impacted by the COVID-19 outbreak.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact.
The loans can be for up to $2 million. The interest rate for EIDL loans is 3.75% (2.75% for non-profits). SBA offers long-term repayment (up to 30 years) to keep payments affordable. Terms are determined on a case-by-case basis, based on the borrower’s ability to repay.
Businesses can apply for loans or get additional information from the SBA via the ways described below. We also recommend that businesses notify Rhode Island Commerce of applications by emailing firstname.lastname@example.org or (401) 521-HELP.
Ways to apply for SBA loans
- Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/
- Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.
gov for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339.
- If a paper application is preferred, completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
- Paper forms are preferred, they can be accessed here: https://disasterloan.sba.gov/