top of page
Economic Injury Disaster Loan
Anchor 1
Below you can access information about federal, state, city and private resources in regards to coronavirus (COVID-19).

Economic Injury Disaster Loans

The COVID-19 Economic Injury Disaster Loan (EIDL) program provides loans to support small business recovery from the pandemic's economic impacts. Loans have an interest rate of 3.75% for small businesses and 2.75% for non-profits, and a maximum term of 30 years. Since the program launch, the US Small Business Administration (SBA) raised the loan amount for this program to 30 months of economic injury with a maximum loan amount of $2 million (was $500,000 previously).

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 SBA's EIDL program update document also references that applicants must have a minimum of 570 credit score for loan applications of up to $500,000, and a minimum credit score of 625 for those greater than $500,000. Collateral will continue to be required for loans over $25,000, and a personal guarantee is required for loans of more than $200,000.

In March 2022 the SBA announced that the agency would extend the deferment period for making payment to 30 months from the loan origination date. The deferment extension is effective for all COVID-EIDL Loans approved in calendar years 2020, 2021, and 2022. There is no penalty for prepayment, and note that interest will continue to accrue on the loans during the deferment.

If the small business has already obtained a loan via COVID EIDL and would like to be considered for a loan increase, they should log onto their account on the SBA Portal to submit a loan modification. Please note that applications for new COVID EIDL loans or advances are no longer being accepted for this program.

Borrowers with questions can call SBA’s COVID EIDL Customer Service Center toll-free at 1-833-853-5638 or email Also be sure to check out the SBA's EIDL Frequently Asked Questions document and COVID EIDL Loan Program Overview Flyer for further detail.

 EIDL Hardship Accommodation Plan

SBA is offering a Hardship Accommodation Plan for borrowers experiencing short-term financial challenges. Borrowers eligible for this plan may make reduced payments for six months. Interest will continue to accrue, which may increase (or create) a balloon payment due at the end of the loan term.

  • Borrowers are required to pay at least 10% of their monthly payment amount (with a $25 minimum), for six months.  

  • During the Hardship Accommodation period, borrowers can voluntarily make larger payments.

  • The regular monthly payment amount will resume and be required after the six-month Hardship.​Accommodation period ends. Borrowers may be able to renew the Hardship Accommodation Plan, if necessary.

Targeted EIDL Advance

On January 1, 2022 the SBA announced that it was no longer accepting new applications for COVID EIDL loans or advances. However the SBA will continue to review and approve Targeted EIDL Advance applications received prior to the December 31, 2021, deadline.


COVID-19 EIDL applicants may have been eligible to receive up to $15,000 in funding from SBA that did not need to be repaid. The Targeted EIDL Advance provided funds of up to $10,000 to applicants located in federally identified low-income communities, could demonstrate more than 30% reduction in revenue during an eight-week period beginning on March 2, 2020, or later, and had 300 or fewer employees. The Supplemental Targeted Advance provided a supplemental payment of $5,000 that does not have to be repaid. 

Applicants had to be located in a low-income community, prove more than a 50% economic loss during an eight-week period beginning on March 2, 2020, or later, and had 10 or fewer employees

SBA has indicated applicants can email a request for reevaluation of a Targeted EIDL Advance application that was declined to


Be sure to use the subject line “Reevaluation Request for [insert your 10-digit application number],” and in the body of the email, include

  1. Identifying information for the application such as application number, business name, business address, business owner name(s) and phone number; and

  2. An explanation and any documentation that addresses the reason for the decline.


You can contact SBA’s COVID-19 EIDL Customer Service Center at 833-853-5638  or by email at And check out the Targeted EIDL Advance and Supplemental EIDL Advance FAQ for more information.

We know navigating different COVID-19 relief programs can be challenging. The Pace University SBDC is here to help. Contact us to schedule a no-cost, one-on-one business counseling session.

bottom of page