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.
There are two types of available EIDL assistance: A targeted grant and a long-term loan.
Targeted EIDL Advance (Grant)
The Targeted EIDL Advance provides businesses located in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency.
Advance funds of up to $10,000 will be available to applicants located in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.
Applicants do not need to take any action.
SBA will reach out to those who qualify.
SBA is currently accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations.
Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19).
Starting April 6, the loan limit for the COVID-19 EIDL program will increase to $500,000, covering 24 months of economic injury.