SBA Reopens Economic Injury Disaster Loans and Advance Program for Eligible Small Businesses Impacted by COVID-19
Economic Injury Disaster Loan assistance can be used to cover payroll and inventory, pay debt, or fund other expenses.
To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration (SBA) has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19. SBA’s EIDL program offers long-term, low-interest assistance for small businesses and non-profits. EIDL assistance can be used to cover payroll and inventory, pay debt, or fund other expenses that can’t be paid because of the disaster’s impact and that are not already covered by a Paycheck Protection Program (PPP) loan.
The EIDL Advance will provide 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, and small businesses may receive an advance even if they are not approved for a loan.
“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,” said Jovita Carranza, SBA administrator. “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.
“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.”
Additional details are available at www.sba.gov/funding-programs/disaster-assistance.