Rice Business Report April 2020 Edition Rice Business Report April 2020 | Page 15

Rice Business Report April 2020 COVID-19 SBA ECONOMIC INJURY DISASTER LOANS Texas small business can now apply for SBA Economic Injury Disaster Loans (EIDL) to help with the COVID-19 crisis What's an EIDL? The SBA EIDL program can provide low-interest loans of up to $2M to businesses and pri- vate 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 without credit available elsewhere. The in- terest rate for non-profits is 2.75%. EIDLs have long-term repayment options, up to a maximum of 30 years. Terms are deter- mined on a case-by-case basis, based on borrower's ability to repay How do I apply? Online at SBA.gov/disaster Need help? Call the SBA's Disaster Customer Service Center at 800-659-2955 or email [email protected] Individuals who are deaf or hard-of-hearing can call 800-877-8339 Daily Webinars | March 23rd-27th Join the SBA Houston District Office as we provide the latest information from SBA to help small busi- nesses with their economic recovery from the effects of the Coronavirus. We will give information on how to apply and where you can get additional help with preparing and applying for an SBA Economic Injury Disaster Loan. Sessions will allow for chat Q&A. The information presented on all calls will be the same. Please join at the date and time best for you 15