announced that they have begun accepting new Economic Injury Disaster Loan (EIDL) and EIDL advance applications from all eligible small businesses. Agricultural businesses who have not yet applied, can still do so.
EIDL applicants who have already submitted an application will continue to be processed on a first-come, first-served basis.
Use of Funds: debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, and that are not already covered by a Paycheck Protection Program loan.
Interest Rate: 3.75% for small businesses or non-profits is 2.75%.
Term: up to a maximum of 30 years. Plus, the first payment is deferred for one year.
In addition, small businesses and non-profits may request, as part of their loan application, an EIDL Advance of up to $10,000. The EIDL Advance is designed to provide emergency economic relief to businesses that are currently experiencing a temporary loss of revenue. This advance will not have to be repaid, and small businesses may receive an advance even if they are not approved for a loan.