The U.S. Small Business Administration (SBA) is offering all U.S. states and territories low-interest federal disaster relief loans for working capital to small businesses that are suffering substantial economic injury as a result of the Coronavirus (COVID-19).

Upon request from the governor of a state or territory, the SBA will issue an Economic Injury Disaster Loan declaration under its authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President.

In order to qualify for an Economic Injury Disaster Loan, the applicant must demonstrate economic injury from COVID-19, be physically located in a declared state and county, and demonstrate the ability to repay the loan.

The loans are for amounts of up to $2 million, with interest rates for small businesses at 3.75% and for non-profit organizations at 2.75%, with repayment options of up to 30 years. The loans may be used to fund payroll, accounts payable, fixed debts, and other bills that could have been paid if the disaster had not occurred. The loans are not intended for expansion or to replace lost sales or profits.

For loans over $25,000, collateral is required. Demonstration of economic injury and ability to repay will be based primarily on three years of financial information. If the applicant does not have three years of history, a caseworker will be assigned to review the case.

For an application that is complete and accurate, it will generally take two to three weeks for approval from the date of submission. Once the application is approved, it will generally take five days for the loan to fund.

Applicants may apply online, receive additional disaster assistance information, and download applications at

Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email for more information on SBA disaster assistance.