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The U.S. Small Business Administration (SBA) announced today that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible U.S. small businesses, private non-profit organization or 501(c)(19) veterans organizations, who are experiencing economic impacts due to COVID-19. The EIDL program, established by the CARES Act, offers long-term, low interest assistance that can alleviate temporary loss of revenue and help cover payroll and inventory, pay debt or fund other expenses.
The EIDL Advance provides up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties. These emergency grants do not have to be repaid!
“The SBA is strongly committed to working around the clock, providing dedicated emergency assistance to the small businesses and non-profits that are facing economic disruption due to the COVID-19 impact. With the reopening of the EIDL assistance and EIDL Advance application portal to all new applicants, additional small businesses and non-profits will be able to receive these long-term, low interest loans and emergency grants – reducing the economic impacts for their businesses, employees and communities they support,” said SBA Administrator Jovita Carranza in the official press release.
“Since EIDL assistance due to the pandemic first became available to small businesses located in every state and territory, SBA has worked to provide the greatest amount of emergency economic relief possible. To meet the unprecedented need, the SBA has made numerous improvements to the application and loan closing process, including deploying new technology and automated tools.”
Small business owners in all U.S. states, Washington D.C., and territories impacted by the COVID-19 pandemic are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. As stated on the SBA’s website, “This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.” Please note that “successful application” does not mean you have to be approved for the loan. Moreover, loan approval is not necessary to receive the loan advance.
To apply for a COVID-19 Economic Injury Disaster Loan, go to https://lnkd.in/gkjJVFE. For more info, visit https://www.sba.gov/page/disaster-loan-applications.