What is the Economic Injury Disaster Loan?
Updated: Jul 1, 2020
**NOTE: The SBA has opened up this loan to all businesses again, not just agricultural**
The EIDL Program is for any small business with less than 500 employees that was directly affected by COVID-19 including:
Sole proprietorships
Independent contractors
Those self-employed
Private non-profit organizations
501(c)(19) veterans organizations
This SBA loan program provides small businesses with working capital loans of up to $2 million, with an interest rate of 3.75% for businesses and 2.75% for non-profits, and a maturity of 30 years, that can provide vital financial support to help overcome the temporary loss of revenue they were experiencing.
The EIDL will also provide an advance of up to $10,000 for immediate economic relief in the form of a grant. This advance will be based on the number of employees (up to 10) times $1,000. The advance does not have to be paid back.
To apply for this program visit: https://covid19relief.sba.gov/#/
If you wish to apply for an EIDL due to a non-related COVID-19 disaster visit: https://disasterloanassistance.sba.gov/s/ to get started.
