Expanded Economic Injury Disaster Loans (EIDL)

If you own a small business, you may qualify for an Expanded Economic Injury Disaster Loan (EIDL).  Generally, EIDLs are intended to provide businesses with working capital to recover from an economic injury caused by a disaster.  The EIDL program is up and running on the SBA’s website.  Additional information is available here: https://www.sba.gov/funding-programs/disaster-assistance

Here are some highlights about the EIDL:

  • EIDL applicants receive an immediate $10,000 emergency grant cash advance, which is forgiven if spent on paid leave, maintaining payroll, mortgage or lease payments or repaying obligations that cannot be met due to revenue losses.
  • An entity may be able to participate in the EIDL program and the Paycheck Protection Program but cannot cover the same costs under both programs.

Start the loan application here https://covid19relief.sba.gov/#/

Here is a step-by-step guide from the Chamber of Commerce on how to apply for an EIDL: https://www.uschamber.com/co/start/strategy/applying-for-sba-disaster-relief-loan

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