SBA Economic Injury Disaster Loans

Today we hosted a conference call to share information about how small businesses and nonprofits can apply for an economic injury disaster relief loan through the Small Business Administration.

What is the SBA Economic Injury Disaster Relief Loan?

  • Low-interest loan for businesses that have been negatively impacted by the economic implications of the Coronavirus.
  • All small businesses and private nonprofits in North Carolina can qualify.
  • The definition of a small business is determined by your NAICS code.
  • Businesses who are directly and indirectly impacted can qualify. If you are not directly customer-facing but are experiencing effects as a wholesaler, manufacturer, or supply chain, you can apply.
  • Businesses cannot be denied for lack of collateral.


  • Ability to Repay – based on your tax returns from the previous year, or other documentation showing your operating costs and revenue under normal operating circumstances.
  • You must have a primary business location with a physical presence.

How much can you borrow?

This is a working capital loan that is meant to help businesses maintain the same level of operations that they had before the coronavirus impact.

  • Up to $2 million secured
  • Up to $25,000 unsecured

Interest Rate

  • 3.75% / Up to 30 years – Small Business
  • 2.75% / Up to 30 years – Nonprofit

When are funds dispersed?

8-21 days processing time. About 5 days following agreement of loan terms.

Definition of payroll costs

Overall costs of employees are considered, not just payroll.


  • If in doubt, apply. You can choose whether to accept the loan but it’s prudent to have the option. There is no cost and no penalty to apply.
  • If you have been in business for less than one year, you can submit documentation from normal operating months rather than your tax return.
  • For additional assistance, consider scheduling a mentoring session with the Small Business and Technology Development Center.
  • Check your message center often to avoid delays in processing.
  • Be patient if the online application is experiencing high volume.

How to Apply

Gather Required Forms: Most recent tax return, schedule of liabilities, tax information authorization, personal financial statement, other documentation may be required on an individual basis.

Customer assistance phone number: 800-659-2955

Online Application