To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19.
“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. 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,” said SBA Administrator Jovita Carranza. “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.”
SBA’s EIDL program offers long-term, low interest assistance for a small business or non-profit. These loans can provide vital economic support to help alleviate temporary loss of revenue. EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses. Additionally, 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, and these emergency grants do not have to be repaid.
SBA’s COVID-19 Economic Injury Disaster Loan (EIDL) and EIDL Advance
- The SBA is offering low interest federal disaster loans for working capital to small businesses and non-profit organizations that are suffering substantial economic injury as a result of COVID-19 in all U.S. states, Washington D.C., and territories.
- 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, and that are not already covered by a Paycheck Protection Program loan. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
- 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.
- In addition, small businesses and non-profits may request, as part of their loan application, an EIDL Advance of up to $10,000. The EIDL Advance is designed to provide emergency economic relief to businesses that are currently experiencing a temporary loss of revenue. This advance will not have to be repaid, and small businesses may receive an advance even if they are not approved for a loan.
- SBA’s EIDL and EIDL Advance are just one piece of the expanded focus of the federal government’s coordinated response.
- The SBA is also assisting small businesses and non-profits with access to the federal forgivable loan program, the Paycheck Protection Program, which is currently accepting applications until June 30, 2020.
For additional information, please visit the SBA disaster assistance website at SBA.gov/Disaster.
This Weeks Free Live Webinars
6/17/20 – Wednesday
The pandemic presents unique challenges for every business and every individual, creating a NEW REALITY for all of us. This webinar is intended to help you navigate your business during COVID-19 and beyond. We will learn how Lean Canvas business planning, cash flow analysis, and customer research can help you navigate and thrive in these difficult times.
11:00am – 12:00pm
This webinar is intended to help you through the process of filling out an application for a Paycheck Protection Program Loan.
6/17/20 – Wednesday
Learn the skills you need to start a business in a COVID-19 environment. Listen to retired business owners provide you with tips to thrive during this difficult time.
2:00pm – 3:30pm
Join us as we invite experienced
E-Commerce entrepreneurs to talk about their experience doing business online.
6/18/20 – Thursday
This webinar is intended to give you an overview of State and Federal Small Business resources.
11:00am – 12:00pm
This webinar is intended to help you through the process of filling out an application for a COVID-19 Economic Injury Disaster Loan.
6/18/20 – Thursday
Now that you received your SBA loan, what do you do now? Learn about loan forgiveness and how to carry on in a
1:00pm – 2:00pm
Learn everything you need to know about disaster recovery for your small business.
10:00m – 11:30am
Wondering how to transition from your storefront to an E Commerce Marketplace? In this webinar, you will learn about creating an online presence for your business.
6/19/20 – Friday
SELF-EMPLOYED, INDEPENDENT CONTRACTORS, AND GIG ECONOMY WORKERS The Department of Workforce Solutions has announced the application for Pandemic Unemployment Assistance (PUA) is now available. Self-employed, independent contractors, and gig economy workers should begin the process now by applying for regular UI benefits. NOTE: This is a program of the Department of Workforce Solutions
NO-Cost Business Consulting
The SBDC provides free, confidential, virtual business consulting to help you navigate the federal COVID-19 programs, start a new business, or expand/improve your existing business. The SBDC will be here to help your business grow and adapt to the changes and find new opportunities in our new economic environment.