Small Business Administration Reopens Loan Programs

The U.S. Small Business Administration (SBA) has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Loan Advance Program portal to all eligible applicants who are experiencing economic impacts due to COVID-19.

The program provides small businesses and nonprofits with low-interest loans to help them overcome a temporary loss of revenue. As part of EIDL, applicants can access a loan advance of up to $10,000 within three days of their application’s acceptance. This advance will act as a grant and does not need to be repaid. To ensure that the greatest number of applicants can receive assistance, the amount of the advance will be determined by the number of employees as of Jan. 31, 2020.

Businesses and nonprofits can apply now through the SBA’s online application portal. Applicants must opt in to the loan advance while completing the loan application. They will fill out the streamlined advance application first, then continue with the more detailed EIDL application.