SBDC Webinar: How to Prepare & Apply for SBA’s Economic Injury Disaster Loan (EIDL) Program

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SBDC Webinar: How to Prepare & Apply for SBA’s Economic Injury Disaster Loan (EIDL) Program

March 30 @ 4:00 PM - 5:00 PM

|Recurring Event (See all)

One event on March 26, 2020 at 12:30pm

One event on March 27, 2020 at 10:00am

One event on March 30, 2020 at 4:00pm

SBDC Webinar: How to Prepare & Apply for SBA’s Economic Injury Disaster Loan (EIDL) Program

The U.S. Small Business Administration is offering designated states and territories – Illinois included – low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the coronavirus (COVID-19). SBA’s Economic Injury Disaster Loans (https://www.sba.gov/disaster-assistance/coronavirus-covid-19) offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses; 2.75% for non-profits.

This webinar, led by SBDC Director Don Elmore, will provide details about the program, including what documents are necessary to apply. The webinar will be approximately 30 minutes of presentation time followed by Q&A. Participants will be able to ask questions in the chat box, which will be moderated by a member of our team.

Important information to know in advance about the SBA’s EIDL program:

  • Businesses located in Illinois, who have suffered substantial economic injury due to the novel coronavirus (COVID-19) outbreak may now apply for these funds.
  • To process this loan, you must have a credit history acceptable to SBA *and* be able to determine that you have the ability to repay the loan.
  • SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
  • Businesses do not go through a lender to apply. All applications must be submitted through the SBA website at https://www.sba.gov/disaster-assistance/coronavirus-covid-19 or via paper forms, which can be found at https://disasterloan.sba.gov/ela/Information/PaperForms.
  • There is no cost to apply. There is no obligation to take the loan if offered.

Dates / times:

  •  Wednesday, March 25, 2020: 4 – 5 PM
  • Thursday, March 26, 2020: 12:30 – 1:30 PM
  • Friday, March 27, 2020: 10 – 11 AM
  • Monday, March 30, 2020: 4 – 5 PM

Location: Webinar
RSVP: Free to attend – registration is required to secure a spot. RSVP below, call 217-378-8535, or email info@cusbdc.org. Webinar instructions will be sent out closer to the date.

The Illinois Small Business Development Center at Champaign County EDC is here to help. Our services are free & confidential. Contact us to schedule a webinar or phone appointment: info@cusbdc.org or 217-378-8535. Assistance is also available in Spanish, French, Italian, and Portuguese.

Information you will need to collect for your loan application:

  • The SBA’s Economic Injury Disaster Loan program provides low-interest loans of up to $2 million to small businesses and private non-profits affected by the coronavirus pandemic.
  • These working capital loans can be used to meet needs including payroll, accounts payable, and fixed debt payments until the situation improves. They have repayment options of up to 30 years.
  • Here are the documents you’ll need to provide to complete the application:
  • It is recommended that you apply online, but preparing these documents ahead of time will streamline the process for you.

RSVP

To RSVP, please fill out the following form:

Venue

Webinar