To access SBA assistance, go to the Disaster Loan Assistance Portal . You can click on “Eligible Disaster Areas” to see what counties have been designated as coronavirus disaster affected. As of March 16, 2020, the following 35 California counties were designated:
Alameda, Alpine, Amador, Calaveras, Contra Costa, El Dorado, Imperial, Kern, Lake, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Mono, Napa, Orange, Placer, Riverside, Sacramento, San Bernardino, San Diego, San Francisco, San Joaquin, San Mateo, Santa Clara, Santa Cruz, Solano, Sonoma, Stanislaus, Sutter, Tuolumne, Ventura, Yolo
Economic Injury Disaster Loans are working capital (rather than loans for physical damage) to help small businesses and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
Federal law limits these to $2,000,000 maximum for alleviating economic injury caused by the disaster, and the actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries up to the administrative lending limit. SBA also considers potential contributions that are available from the business and/or its owner(s) or affiliates.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
To apply for an Economic Injury Disaster Loans, click on “Apply Online” and create an account and password. Then submit your application. An explanation of SBA disaster application loan process is here. The application requires submitting the following forms ( copies of which are available here ):
Additional information may also be necessary to process your application:
For additional information, please contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail firstname.lastname@example.org or visit www.sba.gov/disaster .