The U.S. Small Business Administration has reopened the
Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal
to all eligible applicants experiencing economic impacts due to COVID-19. The program had been closed for applications after the program became oversubscribed and was closed on April 15. Applicants who have already submitted applications will continue to be processed on a first-come, first-served basis, and do not need to reapply.
EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses that can’t be paid because of the coronavirus disaster’s impact, and that are not already covered by a Paycheck Protection Program loan. Additionally, 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. Small businesses may receive an advance even if they are not approved for a loan.
You can apply for and EIDL and EIDL Advance on the
SBA website
.
