The Small Business Administration (SBA) announced they will restart on June 15 the processing of already submitted Economic Injury Disaster Loan (EIDL) and EIDL Advance (up to $10,000) applications. SBA will also begin accepting new EIDL and EIDL Advance applications open to qualified small businesses and nonprofits. The EIDL Advance is designed to provide economic relief to businesses and nonprofits that are currently experiencing a temporary loss of revenue due to the Coronavirus pandemic.
This loan advance will not have to be repaid. Recipients do not have to be approved for a EIDL loan in order to receive the advance, but the amount of the loan advance will be deducted from total loan eligibility. Small businesses and nonprofits as well as agricultural businesses are eligible for this loan.
These funds may be designated to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the pandemic not occurred. The interest rate for small and agricultural businesses is 3.75% and for nonprofits it is 2.75%.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying. Applications for EIDL Advances may be made through the end of the year.
Eligible small businesses and agricultural businesses may apply for the Loan Advance here.
For more information about these loans, visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance#section-header-0