SBA Disaster Loan Program FAQ

The U.S. Small Business Administration announced a program to provide targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the COVID-19 situation. On March 20, 2020, the SBA approved Gov. David Ige’s request for a statewide Economic Injury Disaster Loan declaration, clearing the way for Hawai‘i small businesses to participate in the loan program.

FAQ Last Updated: May 6, 2020

  1. What is DBEDT’s role in the SBA Economic Injury Disaster Loan Program?
  2. I submitted a worksheet, what does that mean?
  3. When can I apply for the SBA Economic Injury Disaster Loan Program?
  4. I have questions about the SBA Economic Injury Disaster Loan Program.
  5. I need funds now! Are there any other funds available?
  6. Are nonprofits eligible for the SBA Economic Injury Disaster Loan Program?
  7. Who can help me with my SBA loan application?
  8. Are the business and personal information confidential?
  9. Are business owners who are not a US citizen or a resident alien but is here on an E2 business owner visa eligible for the SBA EIDL program?
  10. Business owner is unable to access on-line account. Receives prompt for their EIN, inputs the EIN but system rejects their EIN.
  11. Common on-line application errors:
  12. What will the interest rate be for the SBA Economic Injury Disaster Loan?
  13. How do I stay up to date with the status of my SBA Economic Injury Disaster Loan application?

 


 

What is DBEDT’s role in the SBA Economic Injury Disaster Loan Program?

DBEDT is a resource partner of SBA. We are providing the most up-to-date information about the program to Hawaii companies as we receive it from the SBA . The loan application process is done entirely through the SBA. They have a portal site specifically for this loan program: https://disasterloan.sba.gov/ela/

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I submitted a worksheet, what does that mean?

Thank you for the submission. In order for this loan program to become active in Hawaii, the State needed to apply to the Federal government and demonstrate that Hawaii companies are experiencing economic injury. We have already been certified as a state, so please apply to the SBA as soon as possible via the portal site, https://disasterloan.sba.gov/ela/.

The worksheet is not a loan application. Do not complete the worksheet as they are no longer necessary and do not impact your eligibility for an SBA loan. The forms you will need to apply for an SBA disaster loan can be found on our website at: invest.hawaii.gov

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When can I apply for the SBA Economic Injury Disaster Loan Program?

Immediately. Go to the portal site, https://covid19relief.sba.gov/#/, and fill out your application.

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I have questions about the SBA Economic Injury Disaster Loan Program.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.

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I need funds now! Are there any other funds available?

The SBA is not providing any turnaround time estimates at this time. If anyone wants to check on the status of their application, they should check their emails and/or all the SBA’s Customer Service Center at (800) 659-2955.

There are no push notifications. If the SBA needs something from the applicant, they (SBA) will send an email notification to the on-line address provided in the application. Applicants should check their emails regularly for any SBA communications.

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Are nonprofits eligible for the SBA Economic Injury Disaster Loan Program?

Yes, nonprofits are eligible, unless they are a religious or philanthropic organization.

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Who can help me with my SBA loan application?

Please contact the SBA Resource Partners Hawaii Small Business Development Center (SBDC) ( https://www.hisbdc.org/ ). You can check the status of your application at https://disasterloan.sba.gov/ela/. For other questions please call SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing) or email disastercustomerservice@sba.gov.

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Are the business and personal information confidential?

Yes, the business and personal information are confidential and protected.

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Are business owners who are not a US citizen or a resident alien but is here on an E2 business owner visa eligible for the SBA EIDL program?

If they want to be considered, it is recommended they just apply. SBA will review   these situations on a case-by-case basis.

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Business owner is unable to access on-line account. Receives prompt for their EIN, inputs the EIN but system rejects their EIN.

The first step in the on-line process is to establish a User ID and Password.

The system will first ask for the “personal name” and “SSN and then the user will set up their USER ID and PW.

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Common on-line application errors:

Clarification of entry for these items:

  • Item #3 – The “applicant” is the business
  • Item #4 – The “EIN” is for the business named in item #3

If the business receives error messages or prompts regarding “duplicate or affiliate information”, the business owner should review the following sections in       their application. Frequently, it is because their reply indicates they have an affiliate.

  • Item #16 – The question is “Does the business own 50% or more of another business?” If they check YES, then it will ask other questions for the affiliate.
  • Item #17 – Fill out for each individual owner. There is a question that asks, “Do you own 50% or more of another business”. If they check YES, then an affiliate screen will pop up.

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What will the interest rate be for the SBA Economic Injury Disaster Loan?

The interest rate is 3.75 % for for-profit businesses and for nonprofits 2.75%.

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How do I stay up to date with the status of my SBA Economic Injury Disaster Loan application?

Please go to the SBA portal site, https://disasterloan.sba.gov/ela/.

Please visit our website at http://invest.hawaii.gov, subscribe to our email newsletter, Like our Facebook page, and follow us on Twitter.

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