On June 15, 2020, the U.S. Small Business Administration (SBA) reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19.
The reopening is an effort to help U.S. small businesses and non-profits receive long-term, low interest loans and emergency grants. These loans can provide vital economic support to help reduce the economic impact for borrowers. EIDL assistance can be used to cover expenses usually paid for with business revenues. The EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties, and these emergency grants do not have to be repaid. See SBA alerts Part One, Part Two, Part Three, and Part Four for more information about the EDIL loans.
For further information, please contact any member of Taft’s SBA Task Force.
Please visit our COVID-19 Toolkit for all of Taft’s updates on the coronavirus.