FAQ: EIDL & Loan Advance

Posted on April 7, 2020

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Eidl And Loan Advance

Economic Injury Grants are available now and provide an advance of up to $10,000 to any small business or nonprofit operating in the U.S. as part of the SBA’s Economic Injury Disaster Loan program.

 

QUICK LINKS

SBA's Economic Injury Disaster Loan Emergency Advance page
Apply Now
Find Local Help
 

Where do I apply?

You can apply right now at the SBA’s website.

Who is eligible?

Entities with under 500 employees including businesses, sole props, ESOPs, nonprofits, tribal concerns, independent contractors, and cooperatives, and faith-based concerns. Some businesses with more than 500 employees may be eligible. See the SBA’s size guidelines.

How do I find out more?

Some helpful information can be found on our COVID-19 Business Resources page under the Business and Financial Resources tab, including this small business guide developed by U.S. Senator Charles Schumer.

Are 501 (c)6 and (c)4 eligible?

This is still an open question.

If I take this grant will that make me ineligible for the PPP?

No, you can use both. However, you cannot cover the same expenses with both programs.

Are there limits on what I can use the $10K for?

The only limitation is that you cannot use the $10K on the same expense that you might use other federal stimulus programs to cover (e.g. the PPP program). You can use these funds to cover rent, payroll, debt payments and other normal business expenses.

What if I’m looking for a grant not a loan?

By filling out this application you can request a grant of up to $10,000 to be advanced to you within three days. Even if you decline to take a loan from the SBA you can still keep the advance. The advance may count against PPP forgiveness amounts.

How long does this application take?

Depending on your ability to access certain information about your business (operating expenses, gross revenue, etc) this application can be completed in less than an hour.

 

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