Economic Injury Disaster Loans (EIDL)

SBA Economic Injury Disaster Loan (EIDL)

Overview

The Small Business Administration’s (SBA) disaster loans are the primary form of Federal assistance for the repair and rebuilding of non-farm, private sector disaster losses. The disaster loan program is the only form of SBA assistance not limited to small businesses.

The Economic Injury Disaster Loan Program (EIDL) can provide up to $2 million of financial assistance (actual loan amounts are based on amount of economic injury) to small businesses or private, non-profit organizations that suffer substantial economic injury as a result of the declared disaster, regardless of whether the applicant sustained physical damage.

An EIDL can help you meet necessary financial obligations that your business or private, non-profit organization could have met had the disaster not occurred. It provides relief from economic injury caused directly by the disaster and permits you to maintain a reasonable working capital position during the period affected by the disaster. EIDLs do not replace lost sales or revenue.

Get an Emergency $10,000 GRANT

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EIDL Overview

  • Loan Amounts up to $2 Million
  • All small businesses in operation as of 2/15/20 with fewer than 500 employees are eligible
  • Interest Rates – 2.75% - 3.75% Fixed Rate
  • Up to $200,000 Without a Personal Guarantee
  • No Prepayment Penalties
  • Loan Term – up to 30 Years
  • Deferred Payments for 6 Months

Who is Eligible

In general, all of the entities listed below that have suffered substantial economic injury caused by a disaster provided they were in existence on January 31, 2020:

  • Businesses with fewer than 500 employees
  • Cooperatives, ESOPs, and tribal small businesses with fewer than 500 employees
  • Sole proprietors
  • Independent contractors
  • Most private nonprofits

How to Apply

  • Complete EIDL Application Here
  • Submit with your Past Three Months of Business Bank Statements
  • Once Received, a Dedicated SBG Funding Specialist will reach out to discuss next steps

Please note: Credit approval, requirements, and actual terms (including actual loan amount and rate), are subject to SBG and its affiliates credit standards and may vary by applicant

Get a $10,000 Advance on Your EIDL Loan Now!

Part of the Economic Injury Disaster Loan (EIDL) is what many are calling a $10,000 grant for those who apply for disaster assistance. It works more like an advance that does not require repayment, even if your loan application is not approved. If you meet the qualification criteria to JUST apply for an EIDL loan, you may receive a $10,000 grant within three to five business days!
Other Financing Options

For more information on EIDL and other disaster relief efforts, visit our COVID 19 resource center.

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