Demystifying SBA's Economic Injury Disaster Loans

This webinar took place on April 1, 2020.

In a landmark move, last week’s emergency relief bill ensures all small cooperative businesses have equal access to the U.S. Small Business Administration (SBA)’s Economic Injury Disaster Loans (EIDLs). Intended to provide emergency relief to the economic impacts of COVID-19, this bill provides an additional $10 billion in funding available for EIDLs. Cooperatives adversely affected by COVID-19 are eligible for this program, and are encouraged to apply early for assistance in keeping their doors open and employees paid.

To facilitate that process, NCBA CLUSA’s President and CEO, Doug O’Brien, and Director of Government Relations, Kate LaTour, will be joined by SBA’s Economic Development Specialist, David Hincapie, to walk webinar participants through the application process for an Economic Injury Disaster Loan, providing clarity on the following questions:

What is an Economic Injury Disaster Loan?

What can EIDL funds be used for?

Who is eligible?

In a cooperative, who should fill out the form?

What information will I need to apply?

Does the size of my co-op impact what information I need to submit?

What are the terms of the loan?

Coronavirus Resources for the Cooperative Business Community