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.
- 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.
Disaster Loan Assistance:
SBA Customer Service Center:
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