Economic Injury Disaster Loans and Loan Advance
On Friday, April 24, 2020, Congress passed a new coronavirus stimulus package that includes an additional $10 billion to supplement the Economic Injury Disaster Loan, or EIDL, grants, and $50 billion for disaster recovery loans. Applicants may submit their applications to the SBA. The SBA began processing applications on a first-come, first-serve bases Monday, April 27, 2020.
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 Disaster Loan advance of up to $10,000.00.
This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be available within three days of a successful application. This loan advance will not have to be repaid.
To apply for a COVID-19 Economic Injury Disaster Loan click here.
Additional information can be found at the U.S. Department of Treasury and the U.S. Small Business Administration websites.
To apply for a disaster loan unrelated to COVID-19 click here.
Economic Injury Disaster Loans and Loan Advance U.S. Agricultural
U.S. Small Business announced that agricultural businesses are now eligible for SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. The legislation provided additional funding for farmers and ranchers and certain other agricultural businesses affected by the Coronavirus (COVID-19) pandemic. Applications may submit their application to the SBA using the EIDL portal.