The Small Business Administration (SBA) has been declaring disaster regions across the U.S. in the wake of COVID-19 and Iowa is among them. As a result, the SBA is issuing Economic Injury Disaster Loans of up to $2 million for small businesses, small agriculture co-ops, small aquaculture businesses, and most private and nonprofit organizations. These working capital loans are designed so that businesses can meet their ordinary and necessary financial obligations that cannot be met as a direct result of COVID-19.
Applications may be submitted online at https://disasterloan.sba.gov/ela. Applicants are encouraged to keep in mind that the review and processing of these loans will take time, so applications should be submitted as soon as possible.
For questions or assistance, contact your account manager.