Apply for the SBA CV19 Economic Injury Disaster Loan

LAST CHANCE TO APPLY FOR THE SBA COVID-19 ECONOMIC INJURY DISASTER LOAN (EIDL)

The SBA is accepting applications for the CV19 EIDL program until December 31st, 2021. The maximum loan amount is $2MM with a term of 30 years at an interest rate of 3.75% fixed for businesses and 2.75% for non-profits.

The use of funds includes working capital to make regular payments for operating expenses, including payroll, rent/mortgage, utilities, and other ordinary business expenses, and to pay business debt incurred at any time (past, present, or future).

If your small business or non-profit already received a SBA COVID-19 loan you may request an increase in funding if needed.  The SBA hosts virtual office hours on their website for assistance in making application, those hours are posted on the program website listed below, or customer service is available seven days a week from 8:00am to 8:00pm at 833-853-5638.

Targeted EIDL Advance and Supplemental Target Advance are also only available for application until December 31st.  Applications for this program under EIDL may be eligible to receive up to $15,000 in funding that does not need to be repaid. The “advances” are similar to a grant, but without the typical requirements that come with a U.S. governmental grant. 

Applicant businesses have less than 300 employees, can demonstrate a 30% reduction in revenue during an 8-week period beginning on March 2, 2020 or later, and are located in a low income community defined by IRS code 45D(e). There is a map tool on the EIDL website to check eligibility requirements. 

More information on the COVID-19 EIDL loan, the application process and eligibility requirements are outlined on the SBA website: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/eidl/covid-19-eidl