Information provided by the Economic Development Corporation of San Benito County.
The Small Business Administration (SBA) has created a more streamlined process for local businesses and nonprofits to apply for disaster relief.
The SBA disaster loan is called the Economic Injury Disaster Loan, or EIDL. By simply applying for this disaster loan, applicants become eligible for a $10,000 advance, according to an April 10 release. The release also notes that if an applicant applied for the loan before March 30, they will need to reapply to utilize the new streamlined loan application.
The loan advance will not have to be repaid, the release said. The advance is designed to provide immediate economic relief to businesses that have lost business and as a result have suffered economic injury. Funds will be made available following a successful loan application.
The SBA’s goal is to process the $10,000 advance within three to five working days of a successful loan application.
The SBA recently revised and simplified the online application process. Go to https://covid19relief.sba.gov to apply.
For additional information, call the SBA’s customer service center at 1-800-659-2955 (TTY: 1-800-877-8393) or email disastercustomerservice@sba.gov.
One-page summary of SBA Funding Relief options in PDF below.
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