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Indiana Small Business for COVID-19

Are you ready to apply for an SBA Economic Injury Disaster Loan? 

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SBA Offers Disaster Assistance to Indiana Small Businesses Economically Impacted by the Coronavirus (COVID-19).  Here are crucial aspects to applying for the Economic Injury Disaster Loans (EIDLs):

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SBA Economic Injury Disaster Loans for Indiana Businesses impacted by COVID-19 (Coronavirus)

Posted by CCSK Law – Counsel of Carr, Skadberg & Kazmierczak, LLC on Tuesday, March 24, 2020

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Credit Requirements:

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  • Credit History – Applicants must have a credit history acceptable to SBA.
  • Repayment – Applicants must show the ability to repay the loan.
  • Collateral – Collateral is required for all EIDL loans over $25,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral, but SBA will require the borrower to pledge collateral that is available.

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Summary of the Loan:

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The maximum interest rate for For-Profit businesses is 3.75% up to 30 year term (based on the financial condition of the borrower). 

Max amount for an EIDL is $2,000,000 but limited to the actual economic injury less insurance or other recoveries.

Check with any grants or other assistance programs to make sure the loan doesn’t conflict, and the loan cannot be used to refinance long term debts. Finally, the SBA may require you to get insurance.

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Call or email with questions!

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About the author

Author profile

Isaac Isaiah Carr, JD MBA is founder, CEO, and business attorney of CCSK Law, a kingdom-driven law firm. Launched 5 years ago, CCSK Law grew from a single member firm to a 10 person team. His areas of focus include business formation and strategy, contract writing, sales, and corporate finance. Often referred to as an entrepreneur with a law degree, Isaac is able to offer business strategy utilizing creative solutions guided by legal and accounting principles that are then well executed in law. Experience in a variety of industries including real estate, hospitality, automotive, e-commerce, professional services, and healthcare. Successfully negotiated and closed multi-million-dollar transactions, ranging from $1.8M to $10M, with private investors, corporate leaders, and municipalities. Ultimately, he builds sustainable structures for systematic growth. Graduated from Valparaiso University Law School summa cum laude with his Juris Doctorate as well as the AACSB-accredited Valparaiso University School of Business with his Master’s in Business Administration. Passionate about education in all forms, Isaac is involved in the nonprofit organizations of SCORE, Neighbors’ Educational Opportunities (NEO) and New Vistas High School, ValpoNext, and Music Neighbors.

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