In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid unless you also get a PPP loan (Payroll Protection Loan).
EIDLs carry rates up to 3.75% for companies and 2.75% for nonprofits, as well as principal and interest deferment for up to four years.
The loans may be used to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses.
SBA’s EIDL Fact Sheet: https://www.sba.gov/sites/default/files/resource_files/CA_16332_Amend-1-Fact_Sheet_COVID_Gov_Cert_EIDL.pdf
To apply for a COVID-19 Economic Injury Disaster Loan, click here.
