The SBA is Accepting New Economic Injury Disaster Loan (EIDL) and EIDL Advance Applications
The Federal government’s SBA Economic Injury Disaster Loan (EIDL) is the easiest loan application you will ever fill out – and it’s open now. Answer just a few simple questions about your business finances, and that’s it, folks. The government assesses whether your business has been impacted by COVID and is eligible for a loan at 3.75% interest. That’s all you do. Then they calculate how much money you are eligible to receive and they send you the money. Repayment terms are up to 30 years and starts one year after loan approval.
- Low-interest loan at 3.75% for for-profit entities; non-profit organizations are eligible at 2.75%;
- Term for EIDL is up to 30 years and there is a one-year deferral from date of loan approval;
- Loan eligibility is up to $2 million;
- All EIDL funding is direct from SBA, does not require third party approval.
- If an applicant has previously applied and their loan number starts with a “2”, they are encouraged to re-apply.