The U.S. Small Business Administration has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to the Coronavirus (COVID-19) pandemic.
After pausing the program on May 4 to allow agricultural businesses the opportunity to apply for assistance, the agency has now opened the portal to further meet the needs of all U.S. small businesses and non-profits.
“With the reopening of the EIDL assistance and EIDL Advance application portal to all new applicants, additional small businesses and non-profits will now be able to receive these long-term, low interest loans and emergency grants – reducing the economic impacts for their businesses, employees and the 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 been 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. To meet this unprecedented need, the SBA has made numerous improvements to the application and loan closing process, including deploying new technology and automated tools, and continues to work to provide the greatest amount of emergency economic relief possible.”
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
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