SBA Covid Resources
The DC Women’s Business Center created this resource page to assist entrepreneurs in the District of Columbia’s metropolitan region. This page includes information and resources for entrepreneurs starting a business and for existing businesses who have been impacted by the national pandemic following the outbreak of COVID-19.
For assistance, please register for a one-on-one counseling session with our small business counselor by scheduling an appointment here.
COVID-19 Federal Relief
SBA COVID-19 Economic Injury Disaster Loan
The COVID-19 EIDL is designed to support small business recovery and will provide micro loans with no fees for applicants that apply directly on SBA’s website for loan sizes between $1,000 to $25,000.
Interest rate and repayment
A fixed 3.75% interest for-profit businesses and 2.75% interest loans to private nonprofit organizations with no collateral or personal guarantee. Larger loan sizes between 25,000 to $500,000 require collateral or personal guarantee. Repayment period is up to 30 years with optional deferment up to 2 years. Maximum loan amount is 2 million and businesses that have already been approved for a smaller loan may request an increase on their original application without the need to reapply.
What are the general eligibility requirements? Businesses must have evidence of being in business or invested in by January 2020 with a credit score of at least 570.
Documents required: Federal Income Taxes or Business Financial Statements, and IR Form 4506-T
Determine your loan eligibility with the Economic Injury Loan Formula: Economic Injury formula: (Annual Revenue-Annual Cost of Goods Sold) x 2 = Loan Amounts
SBA is authorized through the CARES Act to pay monthly principal, interest, and any fees that borrowers own for 6 months, capped at $9,000.
For more information and to learn more about debt relief and other assistance administered by the Small Business Administration check the links below:
COVID-19 Economic Injury Disaster Loan
The EIDL provides working capital and general operating expenses with a 30 year repayment option to borrowers who have experienced financial loss. To learn more information check the links below:
New businesses that started after February 2020 are not eligible to apply for the EIDL or PPP, however SBA has other loan programs and is authorized through the CARES Act to pay monthly principal, interest, and any fees that borrowers own for 6 months, capped at $9,000.
Resources for Entrepreneurs
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How to Take Your Small Business Online
Tips for Adapting Your Business’s Marketing Plan in the Era of COVID-19
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How Businesses Can Minimize Their Reputational Risk
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