SBA Streamlines Criteria for States Requesting Disaster Assistance Loans
In response to the coronavirus pandemic, the Small Business Administration yesterday revised its criteria for states or territories seeking an economic injury declaration. This action will create a faster, easier qualification process for states seeking SBA disaster assistance as a result of the pandemic, while expanding statewide access to SBA disaster assistance loans, which offer up to $2 million for each affected small business.
Specifically, states or territories will only be required to certify that at least five small businesses within the state or territory have suffered substantial economic injury, regardless of where those businesses are located. SBA will make disaster assistance loans available statewide following an economic injury declaration. This will apply to current and future disaster assistance declarations related to the coronavirus. Read more.
On Monday, Gov. Kristi Noem released a statement that she is working to activate the SBA's Economic Injury Disaster Loan Fund Program in South Dakota to help eligible businesses and nonprofits impacted by COVID-19.
“We are working very closely with the SBA to ensure that South Dakota companies negatively impacted by Covid-19 have access to economic assistance,” said Noem. “This is unchartered territory for everyone, including the SBA, but my economic development team stands ready to help businesses and counties work through this process. I’m extremely thankful for the quick response and strong leadership that President Trump and his team at SBA are providing.”
Affected small businesses and nonprofits need to download, complete and submit this SBA EIDL Worksheet and instructions to expedite activation of the EIDL program. Completed forms may be submitted by email to [email protected]. Please note, this initial survey form is not a SBA loan application. When the EIDL program is activated, businesses will be contacted to apply directly to the SBA.