In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital 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.
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
As of April 24th the SBA has approved $7,967,174,888 in loans to 38,984 businesses. The SBA has processed $4,805,897,000 in advances to 1,192,519 businesses. The funds from this first round of funding have run out, however an additional $10 billion for Economic Injury Disaster Loan (EIDL) program emergency grants and $50 billion of funding for EIDL loans have been approved as of April 24th.
With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis.
As of June 15, the SBA has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program for ALL qualified small businesses. If you have not applied and need additional access to low-cost capital, we recommend applying as soon as possible. While the application is open until December 16, 2020, the funds are first-come-first-serve and are limited.