SBA Economic Injury Disaster Loan (EIDL) Program

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Small businesses and nonprofits still have time to apply for low interest loans and small grants through the SBA’s Economic Injury Disaster Loan (EIDL) Program.

View the recording from our recent webinar. Representatives from the U.S. Small Business Administration (SBA) provided updates and shared everything you need to know about these EIDL programs including a step-by-step review of the program application.

General EIDL Program Overview:

30-year loans for up to $2,000,000 at a 3.75% fixed interest rate (2.75% for nonprofits
Two grant programs are earmarked for businesses in low-income communities. To be considered for these grants, an organization must apply for a loan. Organizations can be awarded grants even if they are denied a loan or decide not to accept it.

Key updates to the program announced on September 9, 2021:

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 Main Street 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.

Please visit the SBA website for the latest updates at www.sba.gov.