The US Small Business Administration (SBA) has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants. Qualified small businesses, non-profits, and U.S. agricultural businesses in all U.S. states and territories are eligible to apply for a low interest loan due to Coronavirus (COVID-19).
The advance amount is $1,000 per employee, up to a $10,000 maximum and will not have to be repaid.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
Highlights of SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance
- The SBA is offering low interest disaster loans for working capital to small businesses and non-profit organizations that are suffering substantial economic injury as a result of COVID-19 in all U.S. states, Washington D.C., and territories.
- These loans may be used to pay debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, and that are not already covered by a Paycheck Protection Program loan. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
- To keep payments affordable for small businesses, SBA offers loans with long repayment terms, up to a maximum of 30 years. Plus, the first payment is deferred for one year.
- In addition, small businesses and non-profits may request, as part of their loan application, an EIDL Advance up to $10,000. The EIDL Advance is designed to provide emergency relief to businesses that are currently experiencing a temporary loss of revenue. This advance will not have to be repaid, and small businesses may receive an advance even if they are not approved for the loan.
Read more on the SBA website, here.
We are here to help you navigate your EIDL application. Call one of our experts at (888) 388-1040.
This information was last updated June 16 at 11:00am.
