COVID-19 Economic Injury Disaster Loan application forms now available online

COVID-19 Economic Injury Disaster Loan application forms under the CARES Act are now available online and may be submitted through September 30, 2020.  Instructions for the form indicate that it will take approximately two hours and ten minutes to complete. 

Loans of up to $10 million are available to cover payroll cost, expenses caused by supply chain disruptions, debts, rents and mortgage payments.  More than one type of loan is available, depending on the needs of the business.  Paycheck protection loans are potentially 100% forgivable.

The $349 billion package is designed for businesses with less than 500 employees and does include an "individual who operates under a sole proprietorship, with or without employees, or as an independent contractor".  More information on the SBA process can be found in an excellent article,"How to navigate SBA loans to survive COVID-19".