Update: 4/10/2020

To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of the Advance will be determined by the number of the small business’ pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.

Overview

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.

Eligibility

The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the Coronavirus (COVID-19) pandemic.

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

Funds will be made available within three days of a successful application, and this loan will not have to be repaid.

To apply for a COVID-19 Economic Injury Disaster Loan, click here.

Note: If you have already applied for EIDL and are interested in receiving up to $10,000 in emergency funds via EIDL Advance, you will need to log back onto the SBA website and do a streamlined application to make sure you receive the advance. Have your application control number handy for this process. This does not slow or change your initial EIDL application

Leave a Reply