Economic Injury Disaster Loan

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Economic Injury Disaster Loan

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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:

    • 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).

 

FAQ regarding COVID-19 EIDL

PURPOSE

To meet financial obligations and operating expenses that could have been met had the disaster not occurred

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.

TERMS

  • 3.75% for businesses (fixed)
  • 2.75% for nonprofits (fixed)
  • 30 years
  • No pre-payment penalty or fees

USE OF PROCEEDS

Working capital and normal operating expenses

Example: continuation of health care benefits, rent, utilities, fixed debt payments.

COLLATERAL REQUIREMENTS

  • Required for loans over $25,000
  • SBA uses a general security agreement (UCC) designating business assets as collateral, such as machinery and equipment, furniture and fixtures, etc.

FORGIVABLE

  • NO – EIDL Loan
  • YES – EIDL Advance*

*Advance funds have been fully allocated and are not currently available

MATURITY

30 years

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
721 19th Street
Denver, CO 80202

Be sure to include EIDL loan number on mailed-in checks.

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.

watch video on the US Chamber website

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: