Economic Injury Disaster Loans (EIDL) and Loan Advance

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What is it?

These loans have two components:

  1. The Loan – Working capital loans of up to $150,000 to provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
  2. The Advance – An Economic Injury Disaster Loan advance of up to $10,000.

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What are the rates and terms?

For the loan:

  • Interest rate = 3.75%
  • Payback period = 15-30 years

For the advance:

  • Funds will be made available within three days of a successful application
  • The advance will not have to be repaid.

Who is eligible?

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organizations or 501(c)(19) veterans organizations.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

How do I apply?

Apply at https://covid19relief.sba.gov/

Where can I get more info?

  • SBA Economic Injury Disaster Loan Emergency Advance Page

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