The Economic Injury Disaster Loan (EIDL)

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.

Eligibility:

• 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)

Next Steps:

• Access the EIDL application through SBA EIDL page to get started