Written by Gabriel Dillard
The U.S. Small Business Administration has reopened its Economic Injury Disaster Loans (EIDL) portal for small business owners and nonprofits experiencing economic impacts due to Covid-19.
EIDL assistance loans come with long terms and low interest rates. The money can be used to cover payroll and inventory, pay debt or fund other expenses. In addition, the EIDL Advance program can provide up to $10,000 ($1,000 per employee) of relief to businesses that are currently experiencing temporary difficulties. The emergency grants do not need to be repaid.
“Since EIDL assistance due to the pandemic first became available to small businesses located in every state and territory, SBA has worked to provide the greatest amount of emergency economic relief possible,” stated SBA Administrator Jovita Carranza. “To meet the unprecedented need, the SBA has made numerous improvements to the application and loan closing process, including deploying new technology and automated tools.”
Business owners also still have until June 30 to apply for a forgivable loan through the Paycheck Protection Program.
Visit the EIDL application portal for more information.