COVID-19 Economic Injury Disaster Loan (EIDL) Program
This program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to coronavirus (COVID-19). EIDL aims to help small business owners and non-profit organizations meet financial obligations and operating expenses that could have been met, had the disaster not occurred.
Go to the SBA's COVID-19 EIDL page for more loan information, FAQs and more: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/eidl
There are two types of available COVID-19 EIDL assistance: A targeted grant and a long-term loan.
Targeted EIDL Advance Programs (Grant)
Targeted EIDL Advances are for the hardest hit businesses and private nonprofits.
Applicants for the COVID-19 EIDL may be eligible to receive up to $15,000 in funding from SBA that does not need to be repaid. These "advances" are similar to a grant, but without the typical requirements that come with a U.S. government grant.
To receive an advance, you must first apply for a COVID-19 Economic Injury Disaster Loan. You do not need to accept the loan or be approved for the loan to receive an advance. Once you apply for the loan, SBA will invite you via email to apply for one of the advance programs if your business is located in a low-income area (see below for more detail).
Before you apply, please check the map to ensure you are in a low-income area and review the eligibility criteria below.
Please do not submit duplicate COVID-19 EIDL applications. If you have already applied or cannot find your invitation email, click here for instructions on how to have your application updated or reevaluated.
This Federal small business loan program supports small businesses’ recovery from the COVID-19 disaster’s economic impacts by providing accessible and borrower-friendly capital.
Small business owners and qualified agricultural businesses in all U.S. states, Washington D.C. and territories are currently eligible to apply for the COVID-19 Economic Injury Disaster Loan (EIDL).
EIDL LOAN PROGRAM UPDATES
As of September 8, 2021, new COVID EIDL policy changes have taken effect. Key changes include:
𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴 𝘁𝗵𝗲 𝗖𝗢𝗩𝗜𝗗 𝗘𝗜𝗗𝗟 𝗖𝗮𝗽. The SBA will lift the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying debt.
𝗜𝗺𝗽𝗹𝗲𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗮 𝗗𝗲𝗳𝗲𝗿𝗿𝗲𝗱 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗣𝗲𝗿𝗶𝗼𝗱. The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet.
𝗘𝘀𝘁𝗮𝗯𝗹𝗶𝘀𝗵𝗺𝗲𝗻𝘁 𝗼𝗳 𝗮 𝟯𝟬-𝗗𝗮𝘆 𝗘𝘅𝗰𝗹𝘂𝘀𝗶𝘃𝗶𝘁𝘆 𝗪𝗶𝗻𝗱𝗼𝘄. To ensure businesses have additional time to access these funds, the SBA will implement a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. Approval and disbursement of loans over $500,000 will begin after the 30-day period.
𝗘𝘅𝗽𝗮𝗻𝘀𝗶𝗼𝗻 𝗼𝗳 𝗘𝗹𝗶𝗴𝗶𝗯𝗹𝗲 𝗨𝘀𝗲 𝗼𝗳 𝗙𝘂𝗻𝗱𝘀. COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt.
𝗦𝗶𝗺𝗽𝗹𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗮𝗳𝗳𝗶𝗹𝗶𝗮𝘁𝗶𝗼𝗻 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀. To ease the COVID EIDL application process for small businesses, the SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund.