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Economic loan process streamlined

By submitted, 03/30/20 12:35 PM

NEW STREAMLINED PROCESS REQUIREMENTS

To apply for a COVID-19 Economic Injury Disaster Loan, click here.

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

New changes were made to the Disaster Loan Application requirements!

SBA’s Economic Injury Disaster Loan Program has streamlined its process requirements to the qualified entities that are impacted by the Coronavirus (COVID-19). The information will be used in determining whether the applicant is eligible for an economic injury loan. If you do not submit all the information requested, your loan cannot be fully processed.

SBA is relying upon the self-certifications contained in the application to verify that the Applicant is an eligible entity to receive the advance, and that the Applicant is providing this self-certification under penalty of perjury pursuant to 28 U.S.C. 1746 for verification purposes.

The estimated time for completing this entire application is two hours and ten minutes, although you may not need to complete all parts.

If you did not complete and submit your application in the OLD SYSTEM and submit it you will need to fill out a new application! YOU CANNOT GO BACK AND RETRIEVE ANY IN-PROCESS APPLICATIONS! 

As developments continue, SBA will send updates regarding changes for Small Businesses  and loan programs under the CARE Act. 

For a list of all the SBA partners and organizations that your small business may need such as Chamber of Commerce, SBA Lenders and State Office check out our statewide  Resource Guide.

UPCOMING WEBINARS

The Arkansas Small Business and Technology Development Center is offering several no-cost webinars to help business owners respond to the coronavirus (COVID-19) outbreak. 

Upcoming Webinars 

  • Applying for SBA Economic Injury Disaster Loans,” 10 a.m. March 31 or 2 p.m. April 2 – Many Arkansas small businesses and non-profits are eligible for the Small Business Administration’s Economic Injury Disaster Loan Program. Learn about program requirements, how to apply and what to expect. ASBTDC will repeat the EIDL webinar each Tuesday and Thursday through April.
  • Take Your Business Online,” 10 a.m. April 1 – Hear about steps you can take to move business online and keep sales coming.
  • “¡Calma! Continúe con su Negocio,” 2 p.m. April 1 – Get timely tips in Spanish for managing short-term cash flow and adapting your business model.
  • Connecting to Capital,” 2 p.m. April 2 – The Economic Injury Disaster Loan isn’t the right option for every business. Learn about other capital options.

Links to register for each program above are available at asbtdc.org/asbtdc-events/.

 

SBA has created a small business resource page dedicated to COVID-19 at SBA.gov/Coronavirus. Here you will find CDC requirements for small businesses how to access SBA loan products outside of EIDL and much, much more.

We want to emphasize that public health is the priority and we’re encouraging small businesses to do their part to keep their employees, customers and themselves healthy by following the Centers for Disease Control and Prevention’s most up-to-date information on COVID-19, as well as Guidance for Businesses and Employers to Plan and Respond.

Additionally, SBA’s Arkansas network of resource partners stand ready to assist small businesses across the state in filling out applications. These partners are seeing clients virtually to assist in minimizing impact exposure to COVID-19 and protect our small business communities.

Arkansas Small Business & Technology Development Center

SCORE – Counselors and Mentors for America’s Small Businesses

Arkansas Women’s Business Center

Startup Junkie Consulting

AR Conductor

Arkansas Procurement Technical Assistance Center – Contracting Assistance

Arkansas Economic Development Commission

AEDC has compiled a list of programs and resources, and will continue to update this list as additional resources become available at www.arkansasedc.com/covid19

Please sign up and encourage your businesses to sign up for direct updates from SBA at SBA Updates. We will send SBA updates twice daily from this distribution list.

For additional information on disaster assistance, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov

Visit SBA.gov/disaster for more information.