Economic Injury Disaster Loan
Economic Injury Disaster Loan
IMPORTANT ANNOUNCEMENT:
Effective immediately, applicants can send a request for reevaluation of a Targeted EIDL Advance application that was declined to the following email address: TargetedAdvanceReevaluation@sba.gov. Applicants should follow these instructions when requesting a reevaluation:
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- Send an email to TargetedAdvanceReevaluation@sba.gov
- Use the subject line “Reevaluation Request for [insert your 10-digit application number]”
- In the body of the email, include identifying information for the application such as application number, business name, business address, business owner name(s) and phone number
- Important: Include an explanation and any documentation that addresses the reason for the decline, if available. SBA will contact applicants if additional documentation is required to complete the review.
Access your SBA Economic Injury Disaster Loan Portal Account to review your application and track your loan status.
This loan provides economic relief to small businesses and non-profit organizations currently experiencing a temporary loss of revenue.
In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for the COVID-19 Economic Injury Disaster Loan (EIDL).
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PURPOSE |
To meet financial obligations and operating expenses that could have been met had the disaster not occurred |
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LOAN AMOUNT |
For loans approved starting the week of April 6, 2021: 24-months of economic injury with a maximum loan amount of $500,000. For loans approved prior to the week of April 6, 2021, see loan increases. |
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TERMS |
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USE OF PROCEEDS |
Working capital and normal operating expenses Example: continuation of health care benefits, rent, utilities, fixed debt payments. |
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COLLATERAL REQUIREMENTS |
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FORGIVABLE |
*Advance funds have been fully allocated and are not currently available |
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MATURITY |
30 years |
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PAYMENTS |
Borrower may make payments if they choose to do so. Set up online payments through Pay.gov OR mail payments to: U.S. Small Business Administration Be sure to include EIDL loan number on mailed-in checks. |
Targeted EIDL Advance Low-Income Community Mapping Tool
Are you looking to determine if your business is in a low-income community and you’re potentially eligible for a Targeted EIDL Advance grant? A new mapping tool is available to help you determine if your business is in a low-income community, which is a requirement to qualify for a Targeted EIDL Advance. Check the tool to see if your business address meets the low-income community eligibility requirement before applying. The SBA is reaching out to potential applicants to determine eligibility, so no action is needed on your part until you receive an email from the SBA. Learn more here and visit the updated FAQs for more information.
Small Business Update 1/19/21: PPP and Stimulus Q&A
In their third Small Business Update, U.S. Chamber Chief Policy Officer, Neil Bradley, and Chief Digital Officer, Mike Morello, answer tough questions about PPP, ERTC and EIDL.
What does the new stimulus bill mean for your business?
More relief is on the way for small businesses across the country, now that the $900 billion stimulus package has been signed into law. Join U.S. Chamber Executive Vice President and Chief Policy Officer, Neil Bradley, and CO— Content Director, Jeanette Mulvey as they discuss the aid that’s now available and what small businesses need to know: