SBA Assistance for Small Businesses
Mayor Muriel Bowser announced on March 17, 2020 that the U.S. Small Business Administration (SBA) accepted the District of Columbia’s declaration for assistance in the form of economic injury disaster loans following the advent of the novel coronavirus (COVID-19). DC businesses can apply for this assistance now. While the SBA directly administers this loan program, the Department of Small and Local Business Development (DSLBD), led by Director Kristi Whitfield, will liaise with the SBA on behalf of the District of Columbia.
The SBA’s Office of Disaster Assistance will provide targeted, low-interest loans to Washington, DC small businesses that have been severely impacted by COVID-19. The SBA’s Economic Injury Disaster Loan program provides working capital loans of up to $2 million that can provide vital economic support to help qualified small businesses and private nonprofit organizations overcome the temporary loss of revenue as a result of the COVID-19 virus outbreak. These loans may be used to pay fixed debts, payroll, accounts payable, and other bills that cannot be paid because of the disaster’s impact. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
- Website: SBA Disaster Loan website: https://disasterloan.sba.gov/ela
- SBA’s Customer Service Center: Contact 1-800-659-2955 (Hours: 7am-9pm every day)
- Email: [email protected] for help in completing their online application
- Deaf or Hard-of-Hearing Customer Service: You may call 1-800-877-8339
More SBA Resources
- Local Assistance for DC Businesses
- 2020 Small Business Resource Guide for the Washington Metropolitan Area