Learning Center

We keep you up-to-date on the latest tax changes and news in the industry.

The SBA Is Providing Small Business Disaster Loans for Relief During the Coronavirus Outbreak

The U.S. Small Business Administration (SBA) has never faced a challenge like the COVID-19 outbreak, but they’re stepping up to help small business owners who are suffering financially during these uncertain times.

The SBA’s mission is "to maintain and strengthen the nation's economy by enabling the establishment and viability of small businesses and by assisting in the economic recovery of communities after disasters." While most disaster loans the SBA has made in its history went to individuals for homes damaged by natural disasters (weather incidents), the coronavirus pandemic certainly qualifies as a disaster as well.

Here’s the official guidance on the program:

“The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.”

Any Economic Injury Disaster Loan assistance declaration issued by the SBA will make loans “available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).” The loans offer up to $2 million in assistance and can help small businesses to overcome the temporary revenue losses they may be experiencing.



A current list of areas eligible for SBA disaster loans can be viewed here.

Wondering what the loans can be used for? Here’s a few qualifying costs:

  • Fixed debts 
  • Payroll 
  • Accounts payable 
  • Other bills that can’t be paid as a result of the disaster’s impact
For small businesses, the interest rate will be 3.75%. The interest rate for non-profits is 2.75%.

Terms for these loans will be determined on a case-by-case basis, depending upon the borrower’s repayment ability. SBA does offer loans with long-term repayment options up to a maximum of 30 years in order to help keep borrowers’ payments affordable.

In addition, Congress is finalizing plans for a loan forgiveness program, which will provide businesses with additional payroll, sick time and family leave financial assistance. Watch our blog for more details.

These SBA Economic Injury Disaster Loans make up one piece of the federal government’s economic response to the crisis, and more details will be forthcoming as time goes on. Our practice is committed to helping you navigate the uncharted waters currently being faced by the business community during the COVID-19 outbreak.

If you want to discuss applying for one of these SBA loans for your business, please contact our office today so we can assist you in making the application process go smoothly.

Share this article...

Want our best tax and accounting tips and insights delivered to your inbox?

Sign up for our newsletter.

I confirm this is a service inquiry and not an advertising message or solicitation. By clicking “Submit”, I acknowledge and agree to the creation of an account and to the and .

Benefits of having a business advisor

Your CFO, Reimagined as a Financial Doctor

Diagnosing root causes, prescribing solutions, and guiding your property business toward long-term wealth.

Our CFO | Advisor

Raquel is a passionate business owner. Now, she is returning to her grassroots with a twist - guiding clients with her expertise as a CPA, she can advise your company as your trusted CFO and Advisor.

  • Raquel Deodanes, MS, CPA

    Co-Founder

    CPA with Real-World Experience – I help property managers stay profitable, tax-efficient, and cash flow positive.
    Tax Strategist – Former advisor at California’s revenue agency.
    Trusted by 4,000+ Businesses – Experience across CA, FL, TX, NV, and beyond.
    Real Estate Investor – I understand the financial realities of property management.
    Entrepreneur – I’ve built businesses and know the challenges you face.

Frequently Asked Questions

We diagnose financial inefficiencies, treat problems like poor cash flow or rising costs, and guide you to long-term financial health. That includes cleaning up your books, forecasting cash flow, optimizing operations, and helping you grow your portfolio with confidence — just like a doctor builds a custom care plan for a patient.

Bookkeepers record transactions. CPAs file your taxes. We connect the dots — helping you understand your numbers, strategically improve them, and make smarter decisions throughout the year. We work alongside your existing team to drive performance, not just compliance.

If you're unsure where your cash is going, struggling with rising costs, planning to scale, or just tired of reacting instead of planning — now is the right time. We help you get ahead of problems, not just clean up after them.

Clients typically see improved cash flow, cleaner books, higher NOI, better financial reporting, and a lot less stress at tax time. More importantly, you gain clarity, confidence, and control over your business — and a partner who helps you grow it.

Pricing

Painless, transparent pricing.

Let us take away your stress and give you back your time. Choose your perfect package today.

Base

$499 /mo
  • Dedicated finance expert

  • Bookkeeping with accrual basis

  • Includes P&L, balance sheet, and cash flow statements

Core

$999 /mo
  • Includes everything in Base, PLUS

  • Industry KPIs and financial ratios

  • Monthly virtual 1-hr meetings

  • Monthly rolling budget forecasts

Growth

$1999 /mo
  • Includes everything in Base, CORE

  • Budget vs. actuals variance analysis and review

  • Payroll and HR Platform