Update: It took several weeks but I did receive the advance portion of the loan from the SBA. That advance is limited to $1000 per employee of your enterprise.
If you have experienced rental cancellations or any type of economic loss as a result of the current Coronavirus pandemic, you may be eligible for an Economic Injury Disaster Loan. See the link here: https://covid19relief.sba.gov/#/ to apply. The EIDL is a disaster assistance loan administered by the Small Business Administration.
This is open to sole proprietors, with or without employees! Homeowners are even referenced right on the banner of the application page, though there is a question within the application about rental income lost so I would imagine you have to be a landlord (short-term or long-term) to request this assistance. Translation: You are not eligible just by owning a home if you do not earn rental income.
Please be aware that this is a loan that will eventually need to be paid back, but terms are yet to be determined (likely between 1%-3.75% interest) and you never know if the loan might eventually be forgiven in another round of stimulus. (One can hope?). Additionally, there is an option to receive an expedited “advance” of $10,000. Be prepared to enter your bank account and routing information in this section. This advance would NOT have to be repaid even if you are not eventually approved for the loan.
Keep in mind, this is separate and apart from the Paycheck Protection Program by the SBA which also has a grant component. Check your eligibility with this fact sheet, if you have employees and think you might be eligible. The PPP application needs to be filled out and brought to the SBA department of a bank.
Best of luck weathering this challenging time and stay healthy!
