ECONOMIC INJURY DISASTER LOANS: Loan Parameters

​Apply for the Economic Injury Disaster Loan

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What are the  LOAN PARAMETERS?

•  The maximum EIDL is a $2 million working capital loan at a rate of 3.75% for businesses and 2.75% for nonprofits with up to a 30-year term
•  Payments on Coronavirus EIDL loans are deferred  for one year
•  Up to $200,000 can be approved without a  personal guarantee
•  Approval can be based on a credit score and no  first-year tax returns are required
•  Borrowers do not have to prove they could not get credit elsewhere
•  No collateral is required for loans of $25,000 or less.  For loans of more than $25,000, general security interest in business assets will be used for collateral instead of real estate
•  The borrowers must allow the SBA to review  its tax records 

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About the Economic Injury Disaster Loans:
The Coronavirus Aid, Relief, and Economic Security (CARES) Act expands the Small Business Administration’s long-standing Economic Injury Disaster Loan Program (EIDL). The EIDL program was created to assist businesses, renters, and homeowners located in regions affected by declared disasters.

Source: U.S Chamber of Commerce's Guide to SBA's Economic Injury Disaster Loans ​

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Additional Economic Injury Disaster Loan Resources: 

• Who is Eligible? 
• Accessing Emergency $10,000 Grant 
• Small Business Owners Guide to the CARES Act 
• Delaware County Chamber of Commerce COVID-19 Resource Page