The SBA Disaster Loan, also called the " Economic Injury Disaster Loan," is a newly-streamlined version of the former disaster loan. It is an online application that has been radically simplified at https://covid19relief.sba.gov. It can be completed in about 20 minutes. An important feature of the SBA Disaster Loan is that it comes with a
$10,000 cash advance grant, which can be sent to your bank account in three days. The loan itself is a 3.75% interest rate with long term repayment, or 2.75% for nonprofits. There are no fees or prepayment penalties, and the amount of the loan can be changed after submitting your application. This fund comes straight from the U.S. Treasury; we encourage impacted businesses, nonprofits and independent contractors to apply. The Paycheck Protection Program is a second SBA loan program implemented in partnership
with selected banks. Applications may open as soon as April 3, depending on the participating financial institution. This is a larger, forgivable loan up to $10 million to keep employees on payroll or quickly rehire employees and maintain salary levels. 75% of the loan must be used for payroll, and SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses. It also looks like it will be a fast application; a sample application is available on their site; however, the participating lending institution would set their application requirements.
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