Mackall, Crounse & Moore, PLC has joined Dewitt Ross & Stevens S.C.

The newly formed DeWitt Mackall Crounse & Moore S.C. will provide clients with enhanced legal services
and efficiencies as well as access to more than 100 attorneys practicing in nearly 30 areas of
law in Wisconsin and Minnesota.

Dismiss this message


News & Education

Back to Business Law Articles

Filter by:

Relief for Small Businesses: SBA Economic Injury Disaster Loans and COVID-19

While state governments and public health officials continue to urge Americans to help slow the spread of the novel coronavirus (COVID-19) through social distancing, these isolation measures are having immediate and significant negative impacts on our economy.  Many businesses, especially small businesses, do not have the financial resources to maintain their profitability, or in many cases viability, during a sustained period of economic hardship.

In response to these challenges, on March 6, 2020, the U.S. Small Business Administration (the “SBA”) announced it is expanding its “Economic Injury Disaster Loan Program” to include small businesses and non-profits impacted by COVID-19.

What is the SBA Economic Injury Disaster Loan Program and who can apply?

The SBA’s Economic Injury Disaster Loan program provides small businesses (< 500 employees), small agricultural cooperatives and private non-profits that have sustained a “substantial economic injury” with working capital loans of up to $2 million to help overcome the temporary loss of revenue associated with the COVID-19 pandemic.  “Substantial economic injury” means that the business is unable to meet its obligations and to pay its ordinary and necessary operating expenses.

What are the loan terms - how can loan proceeds be used?

Economic Injury Disaster Loans may be obtained in principal amounts up to $2,000,000.  The SBA may make unsecured loans up to $25,000.  Loans over $25,000 require collateral. The annual interest rate is 3.75% for small businesses and 2.75% for non-profits.  The SBA offers loans with long-term repayments, up to a maximum of 30 years, in order to keep payments affordable. In addition, repayment of the Economic Injury Disaster Loans is automatically deferred for a period of twelve months, with interest accruing  during this period. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. The loan proceeds may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

How to apply:

Unlike other SBA sponsored loans that involve intermediary lenders, Economic Injury Disaster Loans are made directly by the SBA.  Interested businesses should apply online at  


About the Author

Eric’s practice focuses on all aspects of corporate and real estate law. He works closely with and advises companies, business owners and executives on a wide array of corporate and organizational matters, including entity formation, mergers and acquisitions, financing transactions and contract negotiations.  He can be reached by email at at or by phone at 608-252-9287.

Our Locations

Greater Milwaukee - Get Directions

Green Bay - Get Directions

Madison - Get Directions

Minneapolis -Get Directions



Get to know us

DeWitt LLP is one of the ten largest law firms based in Wisconsin, with an additional presence in Minnesota. It has more than 120 attorneys practicing in Madison, Metropolitan Milwaukee and Minneapolis in over 30 legal practice areas, and has the experience to service clients of all scopes and sizes.


We are an active and proud member of Lexwork International, an association of mid-sized independent law firms in major cities located throughout the Americas, Europe and Asia and an active member of SCG Legal, an association of more than 140 independent law firms serving businesses in all 50 state capitals and major commercial centers around the world.


Super Lawyers 2020
Best Lawyers 2013 – 2020
Compass Award 2012
Top 100 Lawyers: National Trial Lawyers Association Best in 2020


While we would like to hear from you, we cannot represent you until we know that doing so will not create a conflict of interest. Accordingly, please do not send us any information about any matter that may involve you until you receive a written statement from us that we represent you (an “engagement letter”). You will not be a client of the firm until you receive such an engagement letter.

The best way for you to initiate a possible representation is to call DeWitt LLP at 608-255-8891. We will make every effort to put you in touch with a lawyer suited to handle your matter. When you receive an engagement letter from one of our lawyers, you will be our client and we may exchange information freely.

Please click the “OK” button if you understand and accept the foregoing statement and wish to proceed.