SBA Disaster Assistance in Response to the Coronavirus

West Virginia has received its official disaster declaration #16354  – WV Disaster Number WV-00052 for Economic Injury, as a result of the COVID-19 pandemic. You can view details about the declaration by clicking the first URL below.

Access to the online Economic Injury Disaster Loan (EIDL) program application in now available by clicking the second URL below. A helpful tip for making this process more organized and easier to understand is to print off a paper version to review it first. To do that you can click the third URL below (for review purposes only), as the online portal is how you will want to submit your application. Please note, you will also need to obtain copies of your most recent federal tax returns, as well.

  1. https://disasterloan.sba.gov/ela/Declarations
  1. https://disasterloan.sba.gov/ela
  1. https://disasterloan.sba.gov/ela/Information/PaperForms
What’s an EIDL?
  • The SBA EIDL program can provide low-interest loans of up to $2M to businesses and private non-profits.
  • EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills. 
  • The interest rate is 3.75% for small businesses and non-profits is 2.75%.
  • EIDLs have long-term repayment options, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based on borrower’s ability to repay.
How do I apply?

Application Filing Deadline: December 21, 2020

Disaster Loan Assistance Available: Economic Injury Disaster Loans (EIDLs) – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.

Credit Requirements:

• Credit History – Applicants must have a credit history acceptable to SBA.

• Repayment – Applicants must show the ability to repay the loan.

• Collateral – Collateral is required for all EIDL loans over $25,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral, but SBA will require the borrower to pledge collateral that is available.

Interest Rates: The interest rate is determined by formulas set by law and is fixed for the life of the loan. The maximum interest rate for this program is 3.750 percent.

Loan Terms: The law authorizes loan terms up to a maximum of 30 years. SBA will determine an appropriate installment payment based on the financial condition of each borrower, which in turn will determine the loan term.

Loan Amount Limit: The law limits EIDLs to $2,000,000 for alleviating economic injury caused by the disaster. The actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries up to the administrative lending limit. SBA also considers potential contributions that are available from the business and/or its owner(s) or affiliates. If a business is a major source of employment, SBA has the authority to waive the $2,000,000 statutory limit.

Loan Eligibility Restrictions: Noncompliance – Applicants who have not complied with the terms of previous SBA loans may not be eligible. This includes borrowers who did not maintain required flood insurance and/or hazard insurance on previous SBA loans. Note: Loan applicants should check with agencies / organizations administering any grant or other assistance program under this declaration to determine how an approval of SBA disaster loan might affect their eligibility.

Refinancing: Economic injury disaster loans cannot be used to refinance long term debts.

Insurance Requirements: To protect each borrower and the Agency, SBA may require you to obtain and maintain appropriate insurance. By law, borrowers whose damaged or collateral property is located in a special flood hazard area must purchase and maintain flood insurance. SBA requires that flood insurance coverage be the lesser of 1) the total of the disaster loan, 2) the insurable value of the property, or 3) the maximum insurance available.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

If your organization is a non-profit, assistance may still be available to you. Please visit https://wvpress.org/breaking-news/coronavirus-update-philanthropy-wv-opens-resource-page-to-assist-non-profits/ to learn more.

Economic Injury Disaster Loan Training for Small Businesses

The U.S. Small Business Administration’s West Virginia District Office and the West Virginia Small Business Development Center will host trainings on the Economic Injury Disaster Loan program, Economic Injury Disaster Loan Advance, and the Paycheck Protection Program. 

Due to the high volume of COVID-19 loan relief questions our office is receiving, we recommend you attend any of the below sessions to learn more before calling.

Training Schedule:

  • Friday, April 3, 2020 at 10 a.m. and 2 p.m.
  • Monday, April 6, 2020 at 10 a.m. and 2 p.m.
  • Tuesday, April 7, 2020 at 10 a.m. and 2 p.m.
  • Wednesday, April 8, 2020 at 10 a.m. and 2 p.m.
  • Thursday, April 9, 2020 at 10 a.m. and 2 p.m.
  • Friday, April 10, 2020 at 10 a.m. and 2 p.m.

Training Log On Information:

More Information:

  • Registration is not required however sessions are limited to the first 300 participants.
  • If the session is full please join a session at another time.
  • If you have trouble accessing the trainings or website, copy the links and paste them into your browser.
  • You may also contact SBA’s Disaster Assistance Center at  800-659-2955 or via email at disastercustomerservice@sba.gov, if you have a question regarding your EIDL application.