What are SBA Economic Injury Disaster Loans?

  SBA Economic Injury Disaster Loans are working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela.

Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.govfor more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339.

For those wishing to make "paper" submissions, completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

MISSOURI Declaration

(Disaster MO-00104)

Incident: CORONAVIRUS (COVID-19) Occurring:   January 31, 2020 & continuing

ALL COUNTIES IN THE STATE OF MISSOURI

Application Filing Deadline: December 21,   2020

Disaster Loan Assistance   Available: Economic Injury Disaster Loans (EIDLs) – Working capital loans to   help small businesses, small agricultural cooperatives, small businesses   engaged in aquaculture, and most private, non-profit organizations of all   sizes meet their ordinary and necessary financial obligations that cannot be   met as a direct result of the disaster. These loans are intended to assist   through the disaster recovery period.

Credit Requirements: 

• Credit History – Applicants   must have a credit history acceptable to SBA.

• Repayment – Applicants must   show the ability to repay the loan.

• Collateral – Collateral is   required for all EIDL loans over $25,000. SBA takes real estate as collateral   when it is available. SBA will not decline a loan for lack of collateral, but   SBA will require the borrower to pledge collateral that is available.

Interest Rates: The interest rate is determined by formulas set by law and is   fixed for the life of the loan. The maximum interest rate for this program is   3.750 percent for small businesses and 2.750 percent for eligible private   non-profits.

Loan Terms: The law authorizes loan terms up to a maximum of 30 years. SBA   will determine an appropriate installment payment based on the financial   condition of each borrower, which in turn will determine the loan term.

Loan Amount Limit: The law limits EIDLs to $2,000,000 for alleviating   economic injury caused by the disaster. The actual amount of each loan is   limited to the economic injury determined by SBA, less business interruption   insurance and other recoveries up to the administrative lending limit. SBA   also considers potential contributions that are available from the business   and/or its owner(s) or affiliates. If a business is a major source of employment,   SBA has the authority to waive the $2,000,000 statutory limit.

Loan Eligibility Restrictions: Noncompliance – Applicants who have   not complied with the terms of previous SBA loans may not be eligible. This   includes borrowers who did not maintain required flood insurance and/or   hazard insurance on previous SBA loans.

Note: Loan applicants should check with agencies / organizations   administering any grant or other assistance program under this declaration to   determine how an approval of SBA disaster loan might affect their   eligibility.

Refinancing: Economic injury disaster loans cannot be used to refinance long   term debts.

Insurance Requirements: To protect each borrower and the   Agency, SBA may require you to obtain and maintain appropriate insurance. By   law, borrowers whose damaged or collateral property is located in a special   flood hazard area must purchase and maintain flood insurance. SBA requires   that flood insurance coverage be the lesser of 1) the total of the disaster   loan, 2) the insurable value of the property, or 3) the maximum insurance   available.

For Questions: Applicants can call SBA’s Customer Service Center at (800)   659-2955 or email disastercustomerservice@sba.gov for more   information on SBA disaster assistance. Individuals who are deaf or   hard-of-hearing may call (800) 877-8339.