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The original item was published from 3/30/2020 3:18:54 PM to 3/30/2020 3:19:22 PM.

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Economic & Community Development News

Posted on: March 30, 2020

[ARCHIVED] 03/30/20: Small Business Administration Update to Connecticut COVID-19 Resources

Trumbull Economic Development

LATEST UPDATE on Applying for Economic Injury Disaster Loan (EIDL) Assistance

https://covid19relief.sba.gov/#/


NEW STREAMLINED PROCESS REQUIREMENTS - To apply for a COVID-19 Economic Injury Disaster Loan

Last Friday, the President signed the historic economic recovery bill to inject capital to help small businesses affected by the Coronavirus (COVID-19). Two SBA emergency capital programs are available today and more will be coming soon:

  1. Low interest, long term Economic Injury Disaster Loans for up to $2 million: The first payment is deferred for 12 months. The application has been simplified and can be completed 100% online through our improved web portal at https://www.sba.gov/disaster.
  2. Economic Injury Disaster Loan Advance for up to $10,000: The form to apply is part of the economic injury disaster loan application. If approved, these funds can be used for payroll and other operating expenses and will be forgiven.

Later this week the SBA and Treasury Department will launch the new Paycheck Protection Program to help keep employees on payroll and small businesses operating. Additional information about this program will be shared in the coming days.

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

New changes were made to the Disaster Loan Application requirements!

SBA’s Economic Injury Disaster Loan Program has streamlined its process requirements to the qualified entities that are impacted by the Coronavirus (COVID-19). The information will be used in determining whether the applicant is eligible for an economic injury loan. If you do not submit all the information requested, your loan cannot be fully processed.

SBA is relying upon the self-certifications contained in the application to verify that the Applicant is an eligible entity to receive the advance, and that the Applicant is providing this self-certification under penalty of perjury pursuant to 28 U.S.C. 1746 for verification purposes.

The estimated time for completing this entire application is two hours and ten minutes, although you may not need to complete all parts.

If you already submitted an application and want to check on status, please call customer service at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov

If you did not complete and submit your application in the OLD SYSTEM and submit it you will need to fill out a new application! YOU CANNOT GO BACK AND RETRIEVE ANY IN-PROCESS APPLICATIONS! 

As developments continue, SBA will send updates regarding changes for Small Businesses and loan programs under the CARE Act. 

For a list of all the SBA partners and organizations that your small business may need such as Chamber of Commerce, SBA Lenders and Resource Partners check out our website: https://www.sba.gov/ct.

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