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The SBA Is Providing Small Business Disaster Loans for Relief During the Coronavirus Outbreak

The U.S. Small Business Administration (SBA) has never faced a challenge like the COVID-19 outbreak, but they’re stepping up to help small business owners who are suffering financially during these uncertain times.

The SBA’s mission is "to maintain and strengthen the nation's economy by enabling the establishment and viability of small businesses and by assisting in the economic recovery of communities after disasters." While most disaster loans the SBA has made in its history went to individuals for homes damaged by natural disasters (weather incidents), the coronavirus pandemic certainly qualifies as a disaster as well.

Here’s the official guidance on the program:

“The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.”

Any Economic Injury Disaster Loan assistance declaration issued by the SBA will make loans “available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).” The loans offer up to $2 million in assistance and can help small businesses to overcome the temporary revenue losses they may be experiencing.

A current list of areas eligible for SBA disaster loans can be viewed here.

Wondering what the loans can be used for? Here’s a few qualifying costs:
  • Fixed debts 
  • Payroll 
  • Accounts payable 
  • Other bills that can’t be paid as a result of the disaster’s impact
For small businesses, the interest rate will be 3.75%. The interest rate for non-profits is 2.75%.

Terms for these loans will be determined on a case-by-case basis, depending upon the borrower’s repayment ability. SBA does offer loans with long-term repayment options up to a maximum of 30 years in order to help keep borrowers’ payments affordable.

In addition, Congress is finalizing plans for a loan forgiveness program, which will provide businesses with additional payroll, sick time and family leave financial assistance. Watch our blog for more details.

These SBA Economic Injury Disaster Loans make up one piece of the federal government’s economic response to the crisis, and more details will be forthcoming as time goes on. Our practice is committed to helping you navigate the uncharted waters currently being faced by the business community during the COVID-19 outbreak.

If you want to discuss applying for one of these SBA loans for your business, please contact our office today so we can assist you in making the application process go smoothly.

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Offices in Flemington, NJ and Califon, NJ

Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.

Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.

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Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.

Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.

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