As the country continues to navigate through the unprecedented disruption to daily life caused by the
COVID-19 pandemic, radiology practices are seeking ways to minimize financial impact while balancing
what is best for patients and staff. Disaster assistance loans, available through the United States Small
Business Administration (SBA), may be an option for businesses requiring economic support due to COVID-
Last week, after declaring a national state of emergency, the Trump administration instructed the SBA to
make funds available to provide capital for small businesses impacted by the coronavirus and called for 50
billion dollars from Congress to be put towards the program. Low interest loans are now available in
designated states and territories for businesses suffering substantial economic injury as a result of COVID-
19. So far, governors in the states of California, Washington, Connecticut and Maine have requested
eligibility from the SBA and currently have counties approved for Economic Injury Disaster Loans.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance used to pay fixed debts, payroll,
accounts payable and other bills that can’t be paid because of a disaster’s impact. The interest rate is 3.75%
for small businesses and 2.75% for non- profits. Repayment terms are determined on a case-by-case basis
with long-term repayments available up to a 30 year maximum.
Before applying, confirm that Economic Injury Disaster loans are available for COVID-19 in your area on the
SBA’s website: https://www.sba.gov/disaster-assistance/coronavirus-covid-19
Then, apply online by registering for an account on the SBA.gov website and complete the required
application forms, statements of truth, and provide supporting documents. During the application process,
a business must demonstrate that economic injury has occurred by being unable to meet current
obligations due to a disaster. Historically, lack of profit or anticipated loss has not been enough to meet the
requirements for an Economic Injury Disaster Loan. However, requirements may loosen due to the
uncertainty of the prolonged effects of COVID-19 on the economy and pressure on government agencies to
respond quickly. Once the application process is complete, the SBA will decide to award a loan in 21 days.
Although a relatively small number of areas are currently approved for Economic Injury Disaster Loans,
these are sure to expand as more states take measures to combat the effects of COVID-19. Many states,
such as Florida, Rhode Island, and Illinois are in the process of conducting surveys to quantify the impact of
COVID-19 on small business communities in order to request assistance from the SBA. Check your state’s
official website to see if a survey is being offered in your area and how to participate. As always,
ADVOCATE will keep you up to date on this and all issues impacting radiology as they become available.