Economic Injury Disaster Loan Assistance Information

Are you still open for Business?

Restaurants or other businesses offering special accommodations for customers during this time (like curb-side pick-up, delivery, to-go offerings, etc.) can send this information to erodgers@eastpointcity.org and it will be distributed in a special email to the community and on social media.

 

Economic Injury Disaster Loan

Georgia has been designated as an eligible disaster area.  This will allow small businesses (as defined by the SBA, can be up to 500 employees in some cases, check your eligibility here: https://www.sba.gov/size-standards/ ), including eligible non-profits, to be able to apply for up to a $2 million dollar Economic Injury Disaster Loan from the Federal Small Business Administration (SBA).  Funds up to $25,000 are considered signature loans and do not require collateral. Loan rates are currently at 3.75% (fixed) for small businesses and 2.75% (fixed) for non-profits, and repayment can potentially be spread out up to 30 years. Funds can be used to pay current fixed debt monthly payments, payroll expenses, utilities, mortgage payments and other similar eligible expenses. Funds can not be used to pay-off/consolidate other loans or to expand the business. These Economic Injury Disaster Loans come straight from the U.S. Treasury and, unlike other traditional SBA loans, do not require another bank to issue them for credit worthiness. There is no fee to apply. You are encouraged to submit your forms and information online as mailing it in may cause additional delay. Once you’ve submitted everything in the system, it takes approximately 2-3 weeks to get a loan decision. SBA defined small businesses and non-profits are encouraged to apply (see www.SBA.gov for eligibility). To apply for the disaster loans (applications can be submitted thru December 2020), visit: https://disasterloan.sba.gov/ela . For more information visit the SBA website (www.sba.gov/disaster).