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SBA to provide economic injury loans for coronavirus-related economic disruptions

in Biz Briefs/News

The U.S. Small Business Administration has approved Wisconsin’s request for small businesses affected by the COVID-19 pandemic to access low-interest federal disaster loans. Under the Economic Injury Disaster Loan program, businesses may qualify for up to $2 million in loans to cover losses resulting from the pandemic.

What is an Economic Injury Disaster Loan?

It is a low-interest federal loan issued by the SBA to alleviate economic injury small businesses or private non-profits are experiencing injury and, in this case, injury caused by the coronavirus, COVID-19.

What businesses are eligible to apply?

SBA’s Economic Injury Disaster Loans (or working capital loans) are available to small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit organizations.

This includes:

  • Businesses directly affected by the disaster
  • Businesses that offer services directly related to the businesses in the declaration
  • Other businesses indirectly related to the industry that are likely to be harmed by losses in their community (Example: Manufacturer of widgets may be eligible, as well as the wholesaler and retailer of the product.

Review additional resources from the SBA:
WausauChamber.com/sba-resources

Application Portal:
https://disasterloan.sba.gov/ela/

Disaster Loan Assistance:
SBA Customer Service Center:
800-659-2955

The chamber has assembled a variety of useful resources for businesses and the community at large on WausauChamber.com. The chamber will also continue to share resources through the local media, social media posts, podcast episodes and more. If your organization has a resource that you would like the chamber to add to its page or if there is another way it can be of assistance, contact the chamber at info@wausauchamber.com.

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