The U.S. Small Business Administration will funnel $349 billion to small businesses nationwide to help them weather the sudden economic damage wrought by the COVID-19 pandemic.

The loans are part of the $2 trillion Coronavirus Aid, Relief and Economic Security Act, approved by Congress to help state and local governments, businesses and individuals weather the economic fallout from the shutdowns enacted to slow the coronavirus.

Small business owners can apply for economic injury disaster loan advances of up to $10,000 that recipients will not be required to repay.

The Small Business Administration will consider applications for larger loans of up to $2 million to help small businesses impacted by the pandemic pay operating expenses.

Officials say the application process is designed to send money to businesses and eligible individuals as quickly and efficiently as possible.

In Oregon, like much of the U.S., small businesses have either been ordered or forced to close as business dropped in recent weeks in response to increasingly stringent social distancing measures.

Many of these small businesses lack the resources to withstand such deep economic disruption. In 2018, Oregon was home to more than 368,000 that provided nearly 824,000 jobs, accounting for more than half the workforce, according to the Small Business Administration.

Government officials and financial advisers recommend business owners apply as soon as possible for the loans.

The application should take about 15 minutes to complete and can be found at covid19relief.sba.gov. The sooner you apply, the faster you will receive a decision about a loan, according to a spokesperson at the SBA.

Find information on additional COVID-19 small business loan resources and guidance, including the Paycheck Protection Program, on the SBA website, sba.gov. For more information, contact SBA’s Disaster Customer Service Center at 800-659-2955, or emaildisastercustomerservice@sba.gov.

Here’s what you’ll need:

Business information: legal name, trade name or “doing business as” name.

Business EIN number.

Organization type: S corporation, C corporation, sole proprietor, LLC, partnership, etc.

Gross revenues for the 12-month period prior to 1/31/20.

Cost of goods sold for the 12-month period prior to 1/31/20.

Business activity: Define your business.

Number of employees on 1/31/20.

Business owner information: Fill this out as the owner.

Banking information: Account and routing number for where funds should be sent.

If you are an individual, here’s what you’ll need:

Business name.

Trade name.

Business owner information.

EIN or Social Security number.

Organization type.

Gross revenue for 12 months prior to Jan. 31, 2020.

Cost of goods sold for 12 months prior to Jan. 31, 2020.

List of rental properties, if applicable.

Date business was established.

Date of current ownership.

Number of employees.

Banking information: Account and routing number for where funds should be sent.