LaMalfa Statement on SBA Economic Injury Disaster Loans
(Washington, DC) – Congressman Doug LaMalfa (R-Richvale) issued the following statement after the U.S. Small Business Administration (SBA) made the entire state of California eligible for Economic Injury Disaster Loans. When these loans were first announced, the SBA’s online application was not allowing small businesses in certain Northern California counties to apply, but the issue has since been fixed. Economic Injury Disaster Loans provide small businesses with working capital loans of up to $2 million that can provide vital economic support to help overcome the temporary loss of revenue due to the coronavirus. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid due to the disaster’s impact. The process to obtain an Economic Injury Disaster Loan is more streamlined than the standard 7(a) loan from the SBA so that businesses can receive the assistance as quickly as possible. To apply, visit SBA’s website.
LaMalfa said: “Since the beginning, my office has been working to make sure all counties in our district were included in SBA’s Economic Injury Disaster Loan program. While I was frustrated at the technical issues that made it difficult for small businesses in Northern California to apply for these loans, the SBA has since fixed their website and the application is now available. We still must work to see that they are processed timely. Our local economies are dependent on the prosperity of our small businesses, and I encourage all who are in need to apply.”
If you need assistance with your SBA Economic Injury Loan Application or have any other COVID-19 related issues, please contact Congressman LaMalfa’s office.