PLEASE BE ADVISED THAT CONGRESS HAS NOT APPROVED ADDITIONAL FUNDS FOR THE EIDL PROGRAM AT THIS TIME. AS SOON AS ADDITIONAL FUNDS ARE ALLOCATED, WE WILL UPDATE THIS PAGE.
Summary of Small Business Administration (SBA) Economic Injury Disaster Loans (EIDLs)
- These funds are provided directly from the United States Treasury. They are not provided locally. You do not access them from your local bank. You must apply directly through the Small Business Administration.
- You can apply online at https://disasterloan.sba.gov/ela/ or you can email an application to US Small Business Administration Processing and Disbursement Center 14925 Kingsport Road Ft. Worth, Texas 6155-2243
- If you have questions regarding the program or application, please call the SBA disaster assistance customer service center at 800-659-2955 (TTY: 1-800-877-8339) or email firstname.lastname@example.org.
COVID19 Economic Injury Disaster Loan (EIDL) Program Summary
- Businesses that have experienced substantial economic injury means the business is unable to meet its obligations and operating expenses and to pay its ordinary and necessary operating expenses are eligible to apply for EIDL funds.
- Eligible businesses can apply for up to $2 million in combined EIDL and other disaster funds.
- Loans over $25,000 require collateral.
- The interest rate on the loans will not exceed 4%.
- The term will not exceed 30 years. The repayment term will be determined by your ability to repay the loan.
- Eligible expenses include payroll, utilities, accounts payable, etc. and other items that cannot be paid because of the disaster.
- Ineligible expenses include lost sales or profits. Ineligible industries include agriculture, religious, charitable, hobbies, government, gambling (if 1/3 of your revenue is derived from gambling), and casinos/racetracks).
- Businesses and nonprofit organizations are eligible to apply.
- No obligation to accept the loan, if you are approved.
- You can apply for additional funds or request a reduction of the approved amount within 6 months of the approval.
- If you have an existing disaster loan, you can still apply for EIDL funds.
Small Business Administration Express Bridge Loan Program
The SBA is offering Express Bridge Loans to small businesses to help overcome the temporary loss of revenue they are experiencing. It can be a term loan or used to bridge the gap while applying for a direct SBA Economic Injury Disaster Loan (EIDL). If a small business has an urgent need for cash while waiting for a decision and disbursement on an EIDL, they may qualify for an SBA Express Bridge Loan.
- Up to $25,000
- Quick Turnaround
- Will be repaid in full or in part by proceeds from Economic Injury Disaster Loan
To access these funds, you can find a local lender through the SBA’s local lender match service here.
Or you can contact the local SBA District Office at:
Wisconsin District Office(Madison)
SBA District Office
740 Regent Street Suite 100
Madison, Wisconsin 53715