njury Disaster Loans (EIDL). Is there anything out there now to help me? – Dan

Dear Dan: The U.S. Small Business Administration still has money available in the Economic Injury Disaster Loan (EIDL) program. In response to the COVID-19 pandemic, small business owners, including agricultural businesses and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan.

The EIDL program is designed to provide economic relief to businesses that are experiencing a temporary loss of revenue due to COVID-19. These are working capital loans that need to be paid back. Allowable expenses include normal operating expenses such as rent, utilities, fixed debt payments, payroll, etc.

Ineligible uses of the money include dividends and bonuses, disbursements to owners (unless for performance of services) repayment of stockholder/principal loans (with exceptions), expansion of facilities or acquisition of fixed assets, repair or replacement of physical damages and refinancing long term debt.

The terms are 3.75% for businesses (fixed), 2.75% for nonprofits (fixed) and 30 years payback time from the day you are funded. There are no prepayment penalty or fees.

Online applications can be found at https://covid19relief.sba.gov/#/. You will need to know gross sales and cost of goods; address and bank routing numbers are part of the application process.

You might not need this right now. Imagine if this goes on for six more months with no income or decreased sales. Cost for the application is $100. You don’t pay any processing fees unless you are qualified and accept the loan. Ability to repay the loan and past credit history are a part of the process.

Completed prior business tax returns may be a part of the documentation required for the online application. Small businesses in operation prior to Feb. 15 with a presence in the declared disaster area are eligible to apply. This program is set to expire Dec. 31 or until funds have been depleted.

ASK M&M is prepared and submitted by Mark Schmitt, director of the Small Business Development Center at Cochise College; and Mignonne Hollis, executive director at the Arizona Economic Development Foundation. To ask your questions: Call the Small Business Development Center (SBDC) at Cochise College (520) 515-5478 or email schmittm@cochise.edu or contact the Arizona Regional’ Economic Development Foundation at (520) 458-6948 or email hollism@aredf.org; www.aredf.org.