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Question 1

What is an Economic Injury Disaster Loan (EIDL)?

Answer

An Economic Injury Disaster Loan (EIDL) is a traditional SBA loan reserved for disaster relief. Previously known for strict requirements and long wait times before receiving funds, much of that has shifted in response to the CARES Act and coronavirus (COVID-19) pandemic.

Question 2

How can you use an EIDL?

Answer

These loans offer support for small businesses and help them stay operational during disaster-induced hardships. Use these funds to cover necessary day-to-day expenses your business would have successfully covered before coronavirus or other disasters impacted your finances. Examples include: • Payroll • Accounts payable • Providing paid sick leave to employees • Matching increased costs to obtain materials • Rent or mortgage payments • Other obligatory payments that cannot be met due to revenue loss

Question 3

Who is eligible for COVID-19 EIDL?

Answer

Applicant must be physically located in the United States or designated territory and suffered working capital losses due to the coronavirus pandemic, not due to a downturn in the economy or other reasons. Eligible applicants include: • Businesses with 500 or fewer employees or defined as small per SBA.gov/SizeStandards • Cooperatives with 500 or fewer employees • Agricultural enterprises with 500 or fewer employees • Most private nonprofits • Faith-based organizations • Sole proprietorships and independent contractors

Question 4

What if I am not a U.S. Citizen but my business meets all the other criteria for a COVID-19 EIDL?

Answer

A non-US citizen who owns 20% or more of the business is eligible if they are classified as a “noncitizen national” or “qualified alien.” Qualified aliens include permanent residents with a current green card.

Question 5

What if I need more money than I’ve been approved for?

Answer

COVID-19 EIDLs can be modified by increasing the amount up to 6 months of working capital. An increase can be requested either before or after accepting the loan. If applicant is in urgent need of funds, accept the maximum loan amount offered and then request an increase by providing additional documentation. If you were approved for a loan and would like to request additional funds, contact our team and we will work with you and the SBA to assist with your needs.

Question 6

Can I apply for both COVID-19 EIDL and PPP?

Answer

Yes. Borrowers can apply for both the PPP and EIDL, although funds from both cannot be used for the same purpose. • The Paycheck Protection Program loan proceeds must be used for eligible purposes according to guidance and some or all of the loan may be forgiven if used properly. The authority to make PPP loans has expired and new PPP loans are no longer available. Check online for latest information. • EIDL funds can be used for working capital and normal operating expenses, such as continuation of health care benefits, rent, utilities, fixed debt payments. • Note that businesses that received an EIDL Advance in addition to the PPP loan will have the amount of the EIDL Advance subtracted from the forgiveness amount of their PPP loan.

Up To $500,000

3.75%

30 Years

12 Months

Get an Economic Injury Disaster Loan