Small Business Administration (SBA)- Disaster Assistance
The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters.
Economic Injury Disasters Loans (EIDL):
During the pandemic and the wildfires, all California counties eligible for the EIDL. These loans can be approved up to $2 million but are limited to the economic injury determined by SBA. These loans are intended to assist through the disaster recovery period.
IMPORTANT (02/01): SBA will contact businesses who applied for Advances earlier last year and either received less than $10,000, or who received no Advance at all.
Applicants may qualify if they:
● Are located in a low-income community. The definition of a “low-income community” is defined in section 45D(e) of the Internal Revenue Code. Note that the applicant must be located in a low-income community in order to qualify. Additional details on how SBA will identify low-income communities will be available soon on our Coronavirus Relief Options page; AND
● Can demonstrate more than 30% reduction in revenue during an 8-week period beginning on March 2, 2020, or later. If an applicant meets the low-income community criteria, they will be asked to provide gross monthly revenue (all forms of combined monthly earnings received, such as profits or salaries) to confirm the 30% reduction.
See the Targeted EIDL Advance FAQ document for more information.
Wildfire SBA Disaster Assistance by the numbers:
For data on loans approved by the SBA for declaration FEMA-4558-DR-CA and FEMA-4569DR-CA, their respective tables below: (4558-DR-CA) Wildfire- SBA Disaster Assistance
California’s Small Business Finance Center (Center) via IBank:
This is a loan guarantee program designed to assist small businesses that experience capital access barriers. The Small Business Loan Guarantee program encourages lenders to provide funds to small businesses to help them grow and prosper.
This year, the Center is making available $50 million in state funding, providing potential capital for individuals who do not qualify for federal funds.
Who is eligible?
Small Businesses located in California with 1-750 employees that have been negatively impacted or experienced disruption by COVID-19 and nonprofits.
Virtual SBA Support:
Virtual Business Recovery Center and Virtual Disaster Loan Outreach Center is now
open Monday through Friday from 9:00 a.m. – 6:00 p.m.
● Email: FOCWAssistance@sba.gov
● Call: (916) 735-1500