March 27, 2020

Small Business Disaster Loans and Unemployment Insurance

SBA Disaster Loans

  • Receive low interest SBA disaster loans to businesses and private nonprofits
  • Available for current and future disaster assistance declarations related to Coronavirus
  • Approved up to $2 million in assistance to small businesses to help overcome temporary loss of revenue
  • Pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact
  • Repayment terms up to 30 years
  • Small business interest rate – 3.75%
  • Non-profit interest rate – 2.75%
  • Terms determined case-by-case
  • Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19)
  • Possibly 90+ days before loan money is received

SBA Business Loan Application
Home and Sole Proprietor Local Application Use this Free Calculator to see if your business size qualifies to apply for a SBA loan.
For Additional Information

Unemployment Insurance

For Employees

  • Benefits are available to individuals who are unemployed through no fault of their own
  • Out of work because employer must shut down operations due to COVID-19
  • In mandatory quarantine*
  • Ill because of COVID-19 and unable to work*
  • Working reduced hours due to COVID-19 (in some cases)
  • Unable to work because they are caring for an immediate family member who is diagnosed with COVID-19*
  • Individuals who work for themselves, religious organizations, and some nonprofits are not eligible

*Proof of medical diagnosis for the claimant and/or the immediate family member, and/or confirmation of quarantine required.

For Employers