Economic Injury Disaster Loans for Small Businesses Impacted by COVID-19

UPDATE!! (3/27/2020)

Coronavirus Aid, Relief, and Economic Security (CARES) Act

This new legislation provides emergency relief, extension of social benefits, rebate payments to individuals, and expanded business support mechanisms, among a number of key economic policies (view bill here). Here’s what small businesses need to know…

Small Business Loan Disaster Program 

  • Extension of financing support to businesses with less than 500 employees, independent contractors, and other entities
  • Waives certain rules for the program, including personal guarantees for loans of less than $200,000, timing, and credit availability tests, among others
  • Loans may be utilized for sick leave pay related to COVID-19, payroll, rent, mortgage, and dent repayments due to lost revenue
  • May be eligible for forgiveness based on employee retention formula and costs incurred

Employee Retention Credit

  • 50% refundable payroll tax credit for businesses affected by COVID-19 and suffering at least 50% loss in gross receipts from same quarter in previous year
  • Determined on qualified wages paid during economic crisis
  • If business has less than 100 employees, the credit can be for all employees
  • Allows for up to $10,000 in wages plus benefits paid per employee

Additional Business Tax Provisions 

  • Delay of employer-paid Social Security payroll tax payments
  • Allowance of net operation losses from 2018, 2019, or 2020 and suspension of 80% of taxable income limits


UPDATE!! (3/19/2020)


SBA Economic Injury Disaster Loans now open for Indiana Small Businesses

Thanks to a concerted effort by our partners throughout the state, Indiana small businesses can now apply for SBA Economic Injury Disaster Loans (EIDL).

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 without credit available elsewhere. The interest rate for 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?

SBA to Provide Economic Injury Disaster Loans for Coronavirus Related Economic Disruptions

View this presentation from the SBA on loan terms, filing requirements and more. For additional information and business resources, including job postings, restaurant listings and more, visit:

For detailed information on SBA programs for the coronavirus, visit and for information on all federal programs, visit or (en Español).

COVID-19 Guidance for Small Business

Counseling & Advice

  • For no-cost, one-on-one virtual or telephone business advice regarding COVID-19 and other matters find an SBA Resource Partners near you at
  • Locally, the suggestion for business owners is to contact their trusted advisors first: bankers, attorneys, CPAs, etc. Locally, the Small Business Development Center is also available for counseling. Request an appointment via their website, (select let’s work together) or email, or call (812) 425-7232.


  • For capital needs, Lender Match is SBA’s free online referral tool that connects small businesses with participating SBA-approved lenders. Lender Match can be accessed by small businesses any time, regardless of if or when disaster loans become
  • Once a disaster declaration is made for Indiana, information on the application process for Economic Injury Disaster Loan (EIDL) assistance will be updated at These loans up to $2 million may be used by small businesses as well as private nonprofits to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.


  • If a situation occurs that will prevent small businesses with federal government contracts from successfully performing, they should reach out to their contracting officer and seek extensions before they receive cure notices or threats of termination. SBA’s Procurement Center Analyst in Indianapolis can help affected small businesses engage with their contracting officer.

Other Resources

If you have any questions, the SBA Indiana District Office is standing by and can be reached at (317) 226-7272.  You can also follow us on Twitter @SBA_Indiana.