SBA Economic Injury Disaster Loan (EIDL) applications are now available online for small businesses in Indiana and many other states and counties.
The SBA EIDL program can provide low-interest loans of up to $2 million to businesses and private non-profits. Funds from these loans may be used to pay fixed debts, payroll, accounts payable and other bills. The loan’s interest rate is 3.75 percent for small businesses without credit available elsewhere. The interest rate for non-profits is 2.75 percent.
EIDLs have long-term repayment options, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based on borrower’s ability to repay. For an EIDL application, click here. For step-by-step instructions, click here.
For a list of states and counties currently eligible for SBA disaster loans related to the coronavirus, click here.
For questions and additional assistance, call the SBA’s Disaster Customer Service Center at (800) 659-2955 or email [email protected]