Authored by Eric Aaserud
The U.S. Small Business Administration (SBA) is making available Economic Injury Disaster Relief Loans (EIDLs) of up to $2 million to qualifying small businesses experiencing substantial economic injury because of the Coronavirus (COVID-19). The loans are available to small businesses that, per the SBA’s determination, “are unable to obtain credit elsewhere.” See details.
The interest rate on EIDLs is up to 4 percent per year, the term up to 30 years.
A company’s status as “small” turns on SBA size standards, which are based on North America Industrial Code System (NAICS) categories and employee headcount or annual receipt thresholds within those categories. More information is available here.
Perkins Coie’s attorneys are ready and able to assist clients filing applications.