Economic Injury Loans Law and Legal Definition
This loan is extended by Small Business Administration (SBA). Small businesses, small agricultural cooperatives and certain private, non-profit organizations of all sizes that have suffered substantial economic injury resulting from a physical disaster or an agricultural production disaster designated by the Secretary of Agriculture is eligible for the SBA's Economic Injury Disaster Loan Program. The loan provides with operating funds business or private, non-profit organization recovers. However, funds may not be used to pay cash dividends or bonuses, or for disbursements to owners, partners, officers or stockholders not directly related to the performance of services for the business
