The COVID-19 Economic Injury Disaster Loan (EIDL) supports small businesses’ recovery from economic impact of COVID-19. Small business owners and private non-profit organizations are currently eligible to apply.
New EIDL policy changes were announced on Sept. 8, 2021. These include:
Increasing the COVID EIDL Cap. The SBA will lift the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying debt.
Implementation of a Deferred Payment Period. The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet.
Establishment of a 30-Day Exclusivity Window. To ensure businesses have additional time to access these funds, the SBA will implement a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. Approval and disbursement of loans over $500,000 will begin after the 30-day period.
Expansion of Eligible Use of Funds. COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt.
Simplification of Affiliation Requirements. To ease the COVID EIDL application process for small businesses, the SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund.
Targeted EIDL Advance Programs (Grants)
Targeted EIDL Advances and Supplemental Advances are for the hardest hit organizations. Applicants for the COVID-19 EIDL loan may be eligible to receive up to $15,000 in funding that does not need to be repaid. These “advances” are similar to a grant.
To receive an advance, you must first apply for an EIDL loan. You do not need to accept the loan or be approved for the loan to receive an advance. Once you apply for the loan, SBA will invite you via email to apply for one of the advance programs if your business is located in a low-income area.
Before you apply, check the map to ensure you are in a low-income area and review the eligibility criteria below.
Do not submit duplicate COVID-19 EIDL applications. If you have already applied or cannot find your invitation email, click here for instructions on how to have your application updated or reevaluated.
Questions or need assistance?
Business Response Team at (re)Startup425
Assistance can be provided in multiple languages
SBA Seattle District Office
Monday – Friday
8 a.m. to 4:30 p.m.