The Economic Injury Disaster Loan (EIDL) and $10K Emergency Grant

6
April 2020

The Small Business Administration (SBA) has created a up to $10K Emergency Grant when you apply for an Economic Injury Disaster Loan (EIDL). This up to $10K provides immediate relief for businesses that have been impacted by the devastating effects of the Coronavirus Crises.

Click here to get started.

This Emergency Grant does not need to be repaid and will be available to your business even if your EIDL application is not approved.

The SBA application is simple. It literally will take ten minutes. Click here (INSERT VIDEO) for a quick tutorial on the application

Remember to check the box on the application that says:

"I would like to be considered for an advance of up to $10,000"

It’s something every business, who is hurting right now, should immediately act on. Don’t hesitate.

We’ll continue to post new information for your business to use during these uncertain times.

We created a simple video to help you fill out the application:

Economic Injury Disaster (EIDL) HIGH Level Breakdown

LOANS UP TO $2,000,000
INTEREST RATES Fixed 3.75% (for profit); 2.75% (non profits)
TERMS FOR UP TO 30 years
REQUIREMENTS & ELIGIBILITY
  • Less than 500 employees or (ii) be a “small business” under the applicable NAICS code employee size standard, including employee count of Affiliates
  • Eligible Parties
    • Small Businesses, including sole proprietorships, with or without employees
    • Independent contractors
    • Cooperatives and employee-owned businesses
    • Private non-profits
    • Tribal small businesses
  • More guidance on requirementshere
OTHER CONSIDERATIONS
  • Eligible deferment of principal and interest up to 4 years
  • Initial advance of up to $10,000 in the first 3 days [from approval] and then remaining capital will be further evaluated and disbursed
HOW TO APPLY To apply for EIDL, busines owners can apply directly online here: https://covid19relief.sba.gov/#/
TURNAROUND TIME
  • Expected turnaround time of up to 2 weeks for initial deployment of $10,000 cash advance