Published March 18, 2020
Economic Injury Disaster Loan (EIDL)
Businesses in Montana counties impacted by the novel coronavirus (COVID-19) are eligible to apply for emergency loans through the through the Small Business Administration’s (SBA) Economic Injury Disaster Loan program.
Businesses can apply for up to $2 million in 30-year loans with an interest rate of 3.75 percent. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Businesses may now apply directly to the SBA’s Economic Injury Disaster Loan program here: https://disasterloan.sba.gov/ela/