HOW MUCH YOU CAN BORROW:
· Eligible entities may qualify for loans up to $2 million.
· The interest rates for this disaster are 3.75 percent for small businesses and 2.75 percent for nonprofit organizations with terms up to 30 years
· Eligibility for these working capital loans are based on the size (must be a small business) and type of business and its financial resources
Agricultural Enterprises: If the primary activity of the business (including its affiliates) is as defined in Section 18(b)(1) of the Small Business Act, neither the business nor its affiliates are eligible
Gambling Concerns (Ex: Concerns that derive more that 1/3 of their annual gross revenue from legal gambling activities)
Casinos & Racetracks (Ex: Businesses whose purpose for being is gambling (e.g., casinos, racetracks, poker parlors, etc.) are not eligible regardless of 1/3 criteria above.
LOAN APPROVAL CRITERIA:
· Credit History: Applicants must have a credit history acceptable to SBA
· Repayment: SBA must determine that the applicant business has the ability to repay the SBA loan
HOW THE FUNDS CAN BE USED:
· These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.
· The loans are not intended to replace lost sales or profits or for expansion.
· Funds cannot be used to pay down long-term debt.
OTHER INFORMATION THAT MAY BE REQUESTED:
· Complete copy, including all schedules, of the most recent Federal income tax return for principals, general partners or managing member, and affiliates (see filing requirements for more information)
· If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year
· A current year-to-date profit-and-loss statement
· Additional Filing Requirements (SBA Form 1368) providing monthly sales figures
HOW SOON WILL BUSINESSES RECEIVE MONEY?
· Eligible businesses that submit complete loan packages could receive money within three (3) weeks.
· Incomplete information and verification of collateral will delay approval process.
The SBA Disaster Team is working tirelessly to process EIDL applications. Please continue to monitor your email for additional correspondence from SBA. Wait times for an initial response from SBA are approximately 2-3 weeks.
Questions on your EIDL loan can be directed to the Disaster Customer Service Center at (800) 659-2955. The South Carolina District Office is unable to check the status of EIDL loan applications.
HOW TO APPLY:
· Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at
Check the status of your EIDL application here.
· Paper loan applications can be downloaded from
www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155
· Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to
Tips for Applying
Tips for Applying
· Include the disaster in your application - specifically name "COVID-19" or "Coronavirus"
· Apply online versus by mail
· Write your password down; neither the system nor any personnel are able to retrieve it
· Save your work at every prompt. The website may go down periodically due to high volume. If this happens, try to login again at a later time.
· Do not rush through the application. Check and recheck the filing requirements to ensure that all the needed information is completed prior to submission. The biggest reason for delays in processing is due to missing information.
· Be sure to use the same contact information (business name and the name of all owners) that you use on your federal tax returns. Double check that they match.
· If your tax returns reference other businesses that you own, you must also submit those tax returns in order to avoid processing delay.
· If more funds are needed, applicants can submit supporting documents and a request for an increase. However, SBA recommends that you ask for the total amount you think you will need in your first application. This will be easier and faster for you to get your money. If less funds are needed, applicants can request a reduction in the loan amount.
· If the loan request is denied, the applicant will be given up to six months in which to provide new information and submit a written request for reconsideration.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing.
Scam and Fraud Scheme Advisory List
1. SBA does not initiate contact on either 7a or Disaster loans. If you are proactively contacted by someone claiming to be from the SBA, suspect fraud. (The SC SBDC will only reach out to you if you have at some point signed up as a client. All communication will be sent from your assigned consultant.)
2. SBA does not provide grants to small businesses. SBA provides guarantees to lenders to encourage them to make loans to small businesses. If you are contacted via social media about a SBA grant program for small businesses, suspect fraud.
3. If you are contacted by someone promising to get approval of an SBA loan, but requires any payment up front or offers a high interest bridge loan in the interim, suspect fraud. The SC SBDC consulting services are always at no charge to you.
4. Look out for phishing attacks/scams utilizing the SBA logo. These may be attempts to obtain your personally identifiable information (PII), to obtain personal banking access, or to install ransomware/malware on your computer. (The SC SBDC will never need access to your personal banking.)
5. If you are in the process of applying for an SBA loan and receive email correspondence asking for PII, ensure that the referenced application number is consistent with the actual application number.
6. SBA limits the fees a broker can charge a borrower to 3% for loans $50,000 or less and 2% for loans $50,000 to $1,000,000 with an additional ¼% on amounts over $1,000,000. Any attempt to charge more than these fees is inappropriate.
7. Any email communication from SBA will come from accounts ending with .gov.
8. The presence of an SBA logo on a webpage does not guaranty the information is accurate or endorsed by SBA. Please cross-reference any information you receive with information available at
9. If you have a question about getting a SBA disaster loan, call 800.659.2955 or send an email to
10. If you have questions about other SBA lending products, call SBA’s Answer Desk at 800.827.5722 or send an email to
Report any suspected fraud to OIG’s Hotline at 800-767-0385 or online at,
Paycheck Protection Program Information
Latest updates to PPP including a two-week application window for businesses with fewer than 20 employees.
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $659 billion toward job retention and certain other expenses.
Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
Loan payments will be deferred for six months.
If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
The latest Biden-Harris administration’s enhancements to SBA’s PPP lending program, specifically:
- Instituting a 14-day period, starting Wednesday, during which only businesses with fewer than 20 employees can apply for relief through the Program.
- Helping sole proprietors, independent contractors, and self-employed individuals receive more financial support.
- Consistent with a bipartisan bill, eliminating an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Paycheck Protection Program.
- Eliminating an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Paycheck Protection Program.
- Ensuring access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief.
- Addressing waste, fraud, and abuse across all federal programs. Unlike the previous round of the PPP, loan guaranty approval is now contingent on passing SBA fraud checks, Treasury's Do Not Pay database, and public records.
- Promoting transparency and accountability by improving the PPP loan application.
- Improving the Emergency Relief Digital Front Door.
- Continuing to conduct extensive stakeholder outreach to learn more about challenges and opportunities in the implementation of current emergency relief programs.
- Enhancing the current lender engagement model.
White House press release:
FACT SHEET: Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces Changes to PPP to Further Promote Equitable Access to Relief | The White House
5/19/2020 - Frequently Asked Questions
Calculator for the PPP
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
Faith Based Organizations May Apply for SBA Assistance
How to Apply
If you are interested in applying for the Paycheck Protection Program, please contact your financial institution to see if they are an SBA lender, or would like to become one. A current list of SBA lenders in South Carolina can be found here.
For a top-line overview of the program
If you’re a lender, more information can be found
If you’re a borrower, more information can be found
The application for borrowers can be found
Check out the
Intuit® Aid to assist you with calculating your PPP
You can apply through the following for the PPP.
SC CARES Act Relief Grant