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 Amount
Loan amounts under $500,000 will have an exclusionary processing period that started on September 8th and will end on October 8, 2021.
Deadline to apply is December 31, 2021.
To learn more about starting the application process, COVID EIDL fees, or requesting an increase information check the links below:
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:
Shuttered Venue Operator Grant
The Shuttered Venue Operators Grant administered by the Small Business Administration is currently accepting applications. The SVOG program will provide grants to live venue operators, theatrical producers, live performing arts organization operators, museum operators, motion picture theater operators, and talent representatives who demonstrate at least a 25% reduction in revenues as a result of the pandemic and was fully operational on February 29, 2020. The application opened on April 8, 2020 but is temporarily suspended, applications will be processed on a first come, first serve basis. Check the links below to learn more and register for an account to apply:
COVID-19 Economic Injury Disaster Loan
Eligible borrowers in low-income neighborhoods may qualify for a $15,000 advance that does not need to be repaid. These “advances” are similar to a grant, but without the typical requirements that come with a U.S. government grant. To receive an advance, you must first apply for a COVID-19 Economic Injury Disaster Loan. You do not need to accept the loan or be approved for the loan to receive an advance. Once you apply for the loan, SBA will invite you via email to apply for one of the advance programs if your business is located in a low-income area. Deadline to apply is December 31, 2021.
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
Whether your small business is well-established, just starting out, or somewhere in between, having a dedicated website and understanding the best practices for digital marketing is a must.
How to Take Your Small Business Online
Tips for Adapting Your Business’s Marketing Plan in the Era of COVID-19
A company’s reputation is subjective and based on public perception. An opinion of a business may (or may not) be accurate, but in either case, it can drive the behavior of consumers, employees, investors, and regulators.
How Businesses Can Minimize Their Reputational Risk
The national pandemic brought on by the outbreak of COVID-19 drastically impacted our economy. These resources will guide through tips and resources for managing financial impacts from the crisis.
From COVID-19 to Hurricane Season: Disaster Preparedness for Small Businesses
How to Keep Your Small Business Going During a Crisis
Closing Your Business – A Managed Approach
Reopening Your Small Business – Q&A with SCORE Mentors