The SBA’s Economic Injury Disaster Loan and Loan Advance (EIDL) Program provides small businesses and non-profits with low-interest loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing due to COVID-19.
As a part of EIDL, you can access up to a $10,000 loan advance within three days of your application being accepted. This advance will act as a grant and does not need to be repaid. This advance may be used to:
- Keep employees on payroll
- Pay for sick leave
- Meet increased production costs due to supply chain disruptions
- Pay business obligations, including debts, rent and mortgage payments
Who is Eligible: small businesses, non-profits, veterans organizations, tribal businesses, ESOPs and cooperatives with less than 500 employees, sole proprietorships, self-employed individuals, and independent contractors
How to Apply: Businesses can apply now through SBA’s online application portal. You must opt into the loan advance while completing loan application. You will fill out the streamlined advance application first when applying for EIDL. After submitting that application, you will then continue with the more detailed EIDL application.
- Verify eligibility through SBA’s online portal.
- Gather necessary materials such as your business’s most recent tax return, owner’s/GP’s personal financial statement, and schedule of liabilities.
- Apply through SBA. SBA put together an EIDL Application Guide to walk you through the application process.
- Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://covid19relief.sba.gov/#/
- Paper loan applications can be downloaded from www.sba.gov/disaster. Completed applications should be mailed to:
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155
- Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339) for the deaf and hard-of-hearing) or by sending an email to email@example.com.
- To check the status of your application, please visit this link here