Nebraska Businesses Eligible For SBA Economic Injury Disaster Loans

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.

Term:

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:

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.

Eligibility:

Small businesses are defined by the SBA’s Size Standards in accordance with NAICS Codes. See https://www.sba.gov/size-standards/ 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