Economic Injury Disaster Loan (EIDL) Advance: Update

July 11, 2020

 

 

On July 11th, the U.S. Small Business Administration (SBA) announced that it would discontinue making Economic Injury Disaster Loan (EIDL) Advances to new applicants, having allocated the full $20 billion appropriated by Congress. EIDL advances had provided $1,000 per employee up to a maximum of $10,000, and recipients did not have to be approved for a loan to receive the Advance.

 

While the Advance is no longer available, the SBA is still processing EIDL loan applications. As a reminder, EIDL provides loans of up to $150,000 to help small businesses and private non-profit organizations overcome COVID-19 related loss of revenue. EIDL loans are calculated as up to six months of working capital, and offered to businesses in operation for at least a year prior to the disaster. 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. 

 

Contact a Pace SBDC Business Advisor at sbdc@pace.edu to discuss eligibility. You can also check out our website’s EIDL program page for more detail and a step-by-step view of the application. 

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