ECONOMIC INJURY DISASTER LOAN (EIDL)

WHO'S

ELIGIBLE

Small businesses and non-profit organizations in the U.S. and its territories are eligible to apply for an EIDL relating to the COVID-19 pandemic

LOAN

AMOUNT

Up to $2 million (up to $25,000 without a collateral)

TERM

Up to 30 years; loan payments can be deferred for 6-12 months

INTEREST

RATE

3.75% (2.75% for nonprofits) 

COLLATERAL

Loans issued exceeding $25,000 must be secured by collateral (typically a first or second mortgage on the business property)

Allowable Use of Loan Proceeds

Use loan proceeds as a working capital, pay for fixed debts (e.g., rent), cover payroll, or pay utilities bills

application

processing timeframe

Decisions regarding applications are expected to be rendered within 30-45 days

emergency 

capital

EIDL applicants may request an advance of up to $10,000 which SBA will distribute within 3 days. Applicants are not required to repay advance payments, even if their EIDL loan is denied

DEADLINE

TO APPLY

Applications are available until December 31, 2020

Supporting Documents needed

  • Complete copy of the most recent Federal Income Tax Return

  • Schedule of Liabilities

  • Personal Financial Statement for each principal

  • A current year-to-date profit-and-loss Statement

  • A stament providing monthly sales figures

READY TO APPLY? 

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