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.
APPLICATIONS ARE NOW CLOSED.
Funds may be used to meet the capital needs of small businesses caused by the COVID-19 response. This includes:
Small businesses including:
The COVID-19 Targeted EIDL Advance was signed into law on December 27, 2020, as part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.
The EIDL Advance program was amended from the original CARES Act allocation. Small businesses located in low-income communities who previously received an EIDL Advance or for those who applied but received no funds due to lack of available program funding 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.
New applications are no longer being accepted.