Chat with us, powered by LiveChat

Economic Injury Disaster Loan Application Portal Re-opens for New Applications

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.
Now that the EIDL and EIDL Advance application portal is accepting new applications, additional small businesses and non-profits will be able to receive long-term, low interest loans and emergency grants – reducing the economic impacts of COVID-19 on their businesses, employees and the communities they support.

  • EIDL assistance can be used to cover payroll and inventory, pay debt or other expenses.
  • Additionally, the EIDL Advance can provide up to $10,000 ($1,000 per employee) in emergency funds to businesses that do not have to be repaid. Small businesses may receive an advance, even if they are not approved for a loan.
  • EIDL loan and Advance applications already submitted are being processed on a first-come, first-served basis. Small businesses that have already applied do not need to apply again. For information or to apply, please visit the SBA disaster assistance website at SBA.gov/Disaster.
Loan Details:
  • 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.
  • 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. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.

Comments are closed.

Close Search Window
Made by Ellipsis Marketing