The U.S. Small Business Administration (SBA) is offering designated states and territories (including Minnesota) low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
Highlights of the loan program:
– SBA’s Economic Injury Disaster Loan (EIDLs) funds come directly from the U.S. Treasury.
– Applicants do not go through a bank to apply. Instead apply directly to SBA’s Disaster Assistance Program at: DisasterLoan.sba.gov
– There is no cost to apply.
– There is no obligation to take the loan if offered.
– The maximum unsecured loan amount is $25,000.
– Applicants can have an existing SBA Disaster Loan and still qualify for an EIDL for this disaster, but the loans cannot be consolidated.
Information presented by the SBA is available here.