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What SBA Disaster Loans Are & How To Qualify For One

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Chris Motola

Chris Motola

Finance Writer at Merchant Maverick
Chris Motola is a writer, programmer, game designer, and product of NY. These days he's mostly writing about financial products, but in a past life he wrote about health care and business. He's a graduate of the University of Central Florida.
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11 Comments

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    Marlon

    I didn’t get any information. I’ve tried everything.

      Jessica Dinsmore

      Hi Marlon,
      What information are you looking for? Maybe we can help point you in the right direction.

        Carla

        Hi Merchant Maverick, Thank you for all the information, very helpful.
        I hope you can help me or someone else can identify with my case. We got the 10k and fortunately the EIDL loan was accepted for my company. The problem is that we were eligible for 100k , everything was right, our papers were right, score, and they are giving us half of the amount that we requested. Is it happening with someone else? What should be the reason for them to reduce the amount if we are eligible to get more money? What do you recommend us to do?

        Thank you

          Jessica Dinsmore

          Hi Carla,

          You are definitely not the only one experiencing this. We’ve just added this question to our FAQ section as well.

          The SBA uses this formula to calculate how large of an EIDL loan standard small businesses are eligible for:

          Revenue minus COGS, divided by 2, minus the advance (capped at $150K).

          It is possible that you inputted the wrong amount for your revenue or COGS. Assuming you have not yet accepted the loan offer in the portal, you can still request to revise these numbers if you think they are incorrect and are not happy with the amount—start this process by calling Tier 2 support. Make sure you have documentation to back up your numbers, including tax returns and P&L statements.

          If you already accepted a loan offer, it’s unfortunately too late to revise your application, as currently no loan modifications are allowed.

            We've done in-depth research on each and confidently recommend them.

            Angela Booker

            I’m wanting to check the status on SBA PPP for Alterations in a hurry and dry cleaners in Shreveport, La. Thanking you in advance.

            Angela Booker

              Jessica Dinsmore

              Hi Angela,

              We have a post that explains how to check the status. Good luck!

                Dasale

                I am 1099 or independent contractor i apply for EIDL and i work under LLC but i am not the owner for that business, SBA email me said they unable locate your file with the information you provided. What do i do?

                  Jessica Dinsmore

                  Dasale,

                  You may have better luck applying for a PPP loan for self-employed individuals or even Pandemic Unemployment Assistance.

                    Angel R. Butler

                    None of the SBA relief loans are EASY, what about microloans/businesses with bad credit, i have a yearly revenue of about 20k due to very low income and forced to take “legal” high interest loans/debts, i can’t make it 3 days let alone 3 weeks, but i have always managed to pay the basics, until now… I really don’t know how my son and i are going to get/survive this… Hope everyone stays home, stay healthy

                      Jessica Dinsmore

                      Hi Angela,

                      Funding Circle may be an option for you. They don’t list a minimum annual revenue requirement and require a personal credit score of 660. Depending on what your personal credit score is, you may also want to look into personal loans for business. You can also look into CDFI‘s, which offer microloans and other financial products. These may be easier to qualify for, but (like SBA loans) can take some time to actually receive. If you have any existing relationships with any banks or lenders, you can even talk to them about what options are available to you in terms of new loans or existing accounts. I hope that helps. We wish you all the best!

                        Linda Baham

                        I only need $25k I don’t see much encouragement from SBA.

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