About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 1 (March 6, 2020)

handle is hein.crs/govcapq0001 and id is 1 raw text is: Researh Sevice SBA Economic Injury Disaster Loans for COVID-19 March 6, 2020 The current coronavirus disease (COVID-1 9) outbreak may have significant economic implications for businesses and nonprofit organizations including negative impacts on imports, global supply chains, and tourism. Furthermore, if COVID-I 9 becomes widespread or prolonged it may slow global growth, and some businesses may be forced to furlough or lay off workers. This Insight considers whether the Small Business Administration (SBA) could provide economic injury disaster loans (EIDLs) to eligible businesses and organizations that have suffered substantial loss as a result of COVID-19. EIDL Overview EIDLs provide eligible small businesses and nonprofit organizations up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. Loan proceeds can only be used for working capital necessary to enable the business or organization to alleviate the specific economic injury and to resume normal operations. Interest rates for EIDLs are statutorily set at 4% per annum or less and can have maturities up to 30 years. EIDLs are available only to businesses and private and nonprofit organizations that are located in a declared disaster area, have suffered substantial economic injury, are unable to obtain credit elsewhere, and are defined as small by SBA size regulations. Potential Triggers There are three disaster declarations that could make EIDL available: 1. the SBA Administrator issues an EIDL declaration under the Small Business Act upon certification from a state governor that at least five small businesses have suffered substantial economic injury as a result of a disaster; 2. a physical disaster declaration is issued by the SBA Administrator under the Small Business Act in response to a gubernatorial request for assistance; or Congressional Research Service https://crsreports.congress.gov IN11232 CRS NStGHT Prepaimed for Mernhe-s amd Committees 4 o C- --q.. . . . . . . . . . ..-----------------------------------------------------------------------------------------------------------------------------------------------------------------------

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most