Economic Injury Disaster Loan – (New York)
- The loans offer up to $2 million in assistance to applicants experiencing a temporary loss of income due to COVID-19.
- Loans may be used to pay fixed debts, payroll, accounts payable, and other bills that are unable to be paid due to COVID-19.
- Interest rates are 3.75% for small businesses and 2.75% for non-profit organizations.
- Maximum term for loan repayment is 30 years.
- Emergency Economic Injury Grants provide an emergency advance of up to $10,000 to eligible entities within 3 days of applying for SBA’s Economic Injury Disaster Loan.
- To access the advance, you must first apply for an EIDL and then request the advance.
- The advance does not need to be repaid if it is used to keep employees on payroll, pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage insurance payments.
For more details please visit => https://covid19.svam.com/wp-content/uploads/2020/04/economic-injury-disaster-loan.pdf