This federal small business loan program supports the recovery of small businesses from the economic impacts of the COVID-19 disaster by providing accessible and affordable services. During the pandemic, the SBA has also provided a special EIDL on COVID-19 for small businesses across the country that have been financially affected by closures and other restrictions. The Economic Injury Disaster Loan (EIDL) program was designed to help businesses and non-profit organizations in areas declared as disasters access the capital they need to stay afloat and repair damage caused by natural disasters such as hurricanes, floods and fires, as well as by civil unrest. If your business has been affected by a disaster such as Hurricane Ida or the ongoing wildfires on the West Coast and has suffered damage and loss without insurance, here's a step-by-step breakdown of how to apply for an economic injury disaster loan from the Small Business Administration.
The CAA created a new Targeted EIDL Advance, but that program is only available to EIDL applicants in the low-income areas identified by the SBA. If you're in a state that has been affected by a disaster declared by the Small Business Administration, the President of the United States, or the Secretary of Agriculture, you can find out if your particular county or area is covered by a disaster loan here. References to the alternative use of receipts (income) instead of the number of employees do not apply to COVID-19 EIDL. If your company falls within the parameters of the Economic Injury Disaster Loan Program (EIDL), you can complete an online application.
The Small Business Administration (SBA) COVID-19 Economic Injury Disaster Loan (EIDL) program was established to support small business owners, including agricultural businesses and non-profit organizations across the United States, time is running out to apply for the loan for economic disaster damage (EIDL) and Targeted EIDL Advance is available through the Small Business Administration (SBA). If your business is struggling in the wake of a disaster, these steps will guide you through the process of applying for a low-interest small business loan. COVID-19 EIDLs are designed to provide economic relief if your company is currently experiencing a loss of revenue due to the pandemic. The SBA disaster loan assistance page provides an overview of the loan application and how eligible businesses can use the funds.
The COVID-19 EIDL includes an automatic one-year deferral of repayment, although interest begins to accrue when the loan is disbursed. In the wake of Hurricane Ida, business owners in the south and northeast face a costly path of reconstruction and recovery in an already difficult economic landscape. The request begins with a disclosure section that describes the loan and states that the information collected will determine if you are eligible. Applicants for COVID-19 disaster loans are eligible for the down payment if their company meets specific criteria.
