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Businesses in All States Eligible for SBA Economic Injury Disaster Loans

March 27, 2020 / by VITAL Financial Services

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During the continually evolving COVID-19 situation, we are sharing with lenders the most current SBA resources available to their business customers.

SBA Economic Injury Disaster Loans

The SBA has now made small business owners in all U.S. states and territories eligible to apply for low-interest Economic Injury Disaster Loans due to Coronavirus (COVID-19). Funding is provided directly through the SBA, and lender assistance is not needed. All impacted businesses may apply online.

SBA Loan Deferments

New this week: The SBA has automatically deferred existing SBA disaster loans through Dec. 31, 2020 for businesses owners who are still paying back loans from previous disasters.

Businesses with existing SBA 7(a) loans are also eligible for payment deferrals. These are not automatic, but can be granted unilaterally by the lender one time during the life of the loan. Deferment can mean either principal only, or principal and interest.

Watching Further Action by Congress

VITAL is monitoring action by Congress that may result in significant changes to and expansion of SBA loan programs. We will continue to share information as it becomes available.

State-Level Resources

States are putting together their own business resource centers and some are offering additional forms of relief for local business owners. Following are places where VITAL’s Midwest banks can find state-specific information.

Iowa

Illinois

Kansas

Minnesota

Missouri

Nebraska

South Dakota

Wisconsin


 

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Topics: SBA Loan, small business, SBA Disaster Loan, Recession, coronavirus, Lenders, Borrowers

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