The Economic Injury Disaster Loan (EIDL)
Updated: Apr 13, 2020
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. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.
Small Business with no more than 500 employees
Sole proprietor – with or without employees or independent contractor
Cooperative with no more than 500 employees
Non-profit, non-governmental agency under 501(c), (d), or (e), or a non-revenue producing organization or faith based organization.
Employee Stock Ownership Plan (ESOP) with no more than 500 employees.
Business that considered small under SBA’s size standard found at https://www.sba.gov/size-standards with 500 or fewer employees or is an agricultural cooperative, aquaculture enterprise, nursery, or producer cooperative.
Must have an Employee Identification Number (EIN) number or Social Security Number (SSN) for sole proprietors.
Additional information to be provided:
For nonprofits organizations: · Total Cost of Operations for 12 months starting January 30, 2019 For faith-based organizations: · Combined annual operating expenses for all secular services for the last 12 months starting January 30, 2019? For Rental Properties: · Loss of rents due to disaster – (may need to provide proof of loss at a later point)
Access the EIDL application through SBA EIDL page to get started