Economic Injury Disaster Loan
 
Below you can access information about federal, state, city and private resources in regards to coronavirus (COVID-19).

The U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loans (EIDL) offer up to six months in working capital to help small businesses and private non-profit organizations overcome COVID-19 related loss of revenue. Loans have an interest rate​ of 3.75% for small businesses and 2.75% for non-profits, and a maximum term of 30 years. Additionally, the first payment is deferred for one year.

The loans may be used to pay debts, payroll, inventory, accounts payable, and other ordinary and necessary expenses of the business that are not already covered by a Paycheck Protection Program loan. Business expansion/relocation, replacing lost profit or sales, refinancing long-term debt, or acquiring fixed assets are not eligible uses of proceeds.

The application deadline was extended until December 31, 2021.

Check out the SBA's EIDL Frequently Asked Questions document for further detail. 

 

If you are ready to apply, the NYSBDC application guide offers a step-by-step view of the screens and information that will be asked through the SBA’s disaster loan portal. Keep in mind that EIDL loans are processed directly by the SBA, and you may be asked by an SBA loan officer to complete additional forms. 

 

The Coronavirus Response and Relief Supplemental Appropriations Act provided $20 billion to fund EIDL Advance grant distributions of $10,000 to eligible small businesses and nonprofits in low-income communities that did not previously secure these allocations, or the difference between what an entity received under the CARES Act and $10,000 if they received some prior EIDL advance funding. As a reminder, recipients do not have to be approved for a loan to receive the Advance

The Targeted EIDL Advance program will be reopening for businesses that have 300 or fewer employees that had previously applied to the SBA for EIDL assistance before December 27, 2020, are located in federally identified low-income communities, and can demonstrate a reduction in revenue of more than 30 percent during an 8- week period beginning on March 2, 2020 or later. ​Click here and read our blog post for more detail.

The Pace University Small Business Development Center is a team of business advisors who help NYC small businesses find and benefit from every opportunity. Please contact us for no-cost, one-on-one guidance while applying or determining eligibility for an Economic Injury Disaster Loan.

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Pace University SBDC

163 William Street, Room 328

New York, NY, 10038   

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Office:  (212) 618-6655

Email:  sbdc@pace.edu

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A, C, J, Z, 2, 3, 45 to Fulton St

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Partnership Program with the SBA, administered by the State University of New York. Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.  All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. All SBA funded programs are extended to the public on a nondiscriminatory basis.

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