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Economic Injury Disaster Loan

Economic Injury Disaster Loan EIDL Application

Notice: The SBA is no longer taking new COVID EIDL applications, but it will continue to accept requests for increases, reconsideration, and appeal.

In the wake of COVID-19, The Economic Injury Disaster small business Loan program offers a solution for businesses in need. By providing accessible capital, it helps these companies recover from their coronavirus economic impacts quickly while also preserving jobs that were lost due to the pandemic’s effects.

Who can apply for COVID-19 Economic Injury Disaster Loan (EIDL)?

Small business owners and nonprofit organizations in all U.S. states and territories.

Enhacements to the COVID-19 EIDL program

The SBA Administrator Isabel Guzman revealed major enhancements to the COVID-19 Economic Injury Disaster Loan program:

  • Increase the maximum loan cap from $500,000 to $2 million.
  • You can utilize the funds for debt payment and pre-payment, any ordinary operational expenses and working capital such as purchasing equipment and payroll.
  • Repayment of the loan starts 24 months after its origination.
  • The affiliation requirements were simplified to facilitate the EIDL application for you.
  • The loan has an interest rate of 3.75% fixed for businesses and 2.75% fixed for private nonprofit organizations with a 30 years term.