Economic Injury Disaster Loan


Economic Injury Disaster Loan



The U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) provides economic relief to businesses that are currently experiencing temporary difficulties and loss of revenue. There is no minimum loan requirement, although loans are capped at $2,000,000 per business. EIDL may supplement a Paycheck Protection Program loan as long as the funds are not used for the same purpose. The loan repayment may be deferred for up to one year and repayment terms up to 30 years are available.


The deadline to apply for an EIDL is December 31, 2021.


Funds may be used to meet the capital needs of small businesses caused by the COVID-19 response. This includes:

  • Financial obligations
  • Operating costs
  • Fixed debt payments
  • Payroll
  • Account payable
  • Extraordinary expenses


  • 3.75% for businesses (fixed)
  • 2.75% for nonprofits (fixed)
  • 30 years
  • No pre-payment penalty or fees
  • 1 year maturity
  • 1 year interest deferral


Small businesses including:

  • Less than 500 employees
  • Independent contractors
  • Nonprofits 501(c)3
  • Veterans organizations 501(c)(19)
  • Tribal businesses
  • Agricultural businesses 18(b): production of food and fiber, ranching and raising of livestock, aquaculture, and all other farming and agricultural related industries

EIDL Advance

The EIDL Advance will reopen following newly allocated funds from the Emergency Coronavirus Relief Act of 2020. Dates and application information will be posted when available from the SBA.


Through the CARES Act, small businesses may apply for a $10,000 advance. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. Recipients do not have to be approved for a loan in order to receive the advance, but the amount of the loan advance will be deducted from total loan eligibility. 


The Emergency Coronavirus Relief Act of 2020 was signed into law on December 27, 2020, expanding the EIDL Advance programs. Borrowers may apply for both an EIDL Advance and a PPP loan. The Act also provided targeted funding for low-income communities. If your small business received an EIDL Advance grant less than $10,000 dollars, there will be a process to reapply for the difference between what your business received and $10,000.