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Nebraska Businesses Eligible For SBA Economic Injury Disaster Loans

on Monday, 23 March 2020 in Covid-19 Information Hub

On March 20, 2020, the U.S. Small Business Administration (the “SBA”) issued a statewide economic injury declaration for the State of Nebraska as a result of the COVID-19 pandemic. This declaration allows eligible small businesses, including non-profits, in the State of Nebraska to apply for economic injury disaster loans (“EIDLs”) through the SBA. The following details some of the key terms of the program: 

Loan Amount:

Up to $2,000,000. The actual amount of the loan is determined based on the actual economic injury incurred less other sources of funds available (e.g., business interruption insurance proceeds and related recoveries and contributions from owners and affiliates), all as determined by the SBA. The SBA has the authority to waive the $2,000,000 limit for businesses that are major sources of employment.

Interest Rate:

Maximum of 3.75% per annum. The actual rate is determined by formula and fixed for the duration of the loan.


Up to 30 years. The SBA determines an appropriate installment payment based on financial condition, and the term is derived based on such installment payment amount.


Collateral is required for EIDLs over $25,000. Collateral can be real estate or personal property assets that are available to be pledged.

Use of Proceeds:

Ordinary and necessary financial obligations (e.g., payroll, rent and other fixed expenses) that cannot otherwise be met as a result of the disaster. Proceeds cannot be used to refinance long-term debt. 

Credit History:

Applicants must have a credit history acceptable to the SBA and must demonstrate the ability to repay the loan.


Small businesses are defined by the SBA’s Size Standards in accordance with NAICS Codes. See to determine the Size Standard for your industry. Applicants who have not complied with the terms of previous SBA loans may be ineligible for funding.

Application Deadline:

December 21, 2020

Applicants may apply online at Applicants may contact the SBA at (800) 659-2955 or for additional information. The Nebraska Department of Economic Development also has resources available to assist businesses with questions. See

To the extent you would like additional information regarding this program or need assistance in completing the application, please contact a Baird Holm LLP attorney.

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