The Economic Injury Disaster Loan program (EIDL) is part of the SBA Disaster Loan program. EIDLs have traditionally been available to businesses affected by natural disasters, such as hurricanes and floods. However, the SBA declared all U.S. states (and all counties within those states) and territories disaster areas due to the COVID-19 pandemic—essentially making all U.S. small businesses eligible to apply for these low-interest, long-term loans.

If your business has been economically impacted by COVID-19, you can apply for an EIDL of up to $2,000,000 directly from the SBA until the funds run out. Additional EIDL grants of up to $15,000 may be available based on your business’s location and revenue lost.

The 7(a) Loan Program, SBA’s most common loan program, includes financial help for small businesses with special requirements. This is the best option when real estate is part of a business purchase, but it can also be used for: 

• Short- and long-term working capital 
• Refinance current business debt 
• Purchase furniture, fixtures, and supplies 

The maximum loan amount for a 7(a) loan is $5 million. Key eligibility factors are based on what the business does to receive its income, its credit history, and where the business operates. Your lender will help you figure out which type of loan is best suited for your needs.

The microloan program provides loans up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. The average microloan is about $13,000.

Microloans  can  be used for a variety of purposes that  help small businesses expand. Use them when you need  under $50,000 to  rebuild, re-open, repair, enhance, or improve your small business.

Examples include: 

• Working capital 
• Inventory 
• Supplies 
• Furniture 
• Fixtures 
• Machinery 
• Equipment 

Proceeds from an SBA micro loan  cannot  be used to pay existing debts or to purchase real estate.

The CDC/504 Loan Program provides long-term, fixed rate financing of up to $5 million for major fixed assets that promote business growth and job creation.

A 504 loan  can be used for a range of assets that promote business growth and job creation. These include the purchase or construction of: 

• Existing buildings or land 
• New facilities 
• Long-term machinery and equipment

Or the improvement or modernization of: 

• Land, streets, utilities, parking lots and landscaping 
• Existing facilities 

A 504 loan  cannot  be used for: 

• Working capital or inventory 
• Consolidating, repaying or refinancing debt 
• Speculation or investment in rental real estate