Our nation’s small businesses are facing many challenges due to the coronavirus (COVID-19) pandemic. If you are a small business owner and need help overcoming these challenges, Benefits.gov offers information on Small Business Administration (SBA) resources.
Small Business Funding Options
The SBA has many loan resources, including the Economic Injury Disaster Loans (EIDL). The EIDL provides economic relief to small businesses and nonprofit organizations currently experiencing a temporary loss of revenue. The purpose of EIDL is to help businesses meet financial obligations and operating expenses that could have been met had the disaster not occurred. EIDL does not replace sales or lost revenue. Visit the SBA’s Economic Injury Disaster Loan FAQs page for more information on EIDL.
To check if you may be eligible for Economic Injury Disaster Loans, use the eligibility tool found at the bottom of the program page. For more information on the terms of the loan, collateral requirements, maturity, and application process, visit the SBA’s Economic Injury Disaster Loan program page.
Small Business Grants
The SBA works with different organizations to provide federal financial assistance and community resources for certain small businesses. Grants are provided to carry out a government-authorized purpose, such as payroll or fixed debt in the case of EIDL loans and are not provided for beginning or expanding a business.
Small businesses are offered grants only for specialized fields, such as nonprofits, educational institutions, and those in state or local governments for economic development. These grants are not considered free money and usually require the recipient to match funds or combine the grant with other forms of financing, such as a loan. For more information, visit the SBA grants page, or visit the federal government’s official Grants.gov website.
Additional Resources
SBA works with several local partners to counsel, mentor and train small businesses. If you need assistance, contact the SBA District Office closest to you to obtain support for you and your small business.
Benefits.gov also encourages you to browse our Grants and Loans category, as well as the SBA Agency page, to explore more opportunities to assist with your small business needs. Try the Benefit Finder questionnaire to explore over 1,000 government benefit and assistance programs and check out our news article: “Coronavirus Resources for Unemployment and Small Businesses.”
