Starting June 15th the Small Business Administration will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL advance applications. The loan advance of up to $10,000 is designed to provide economic relief to businesses that are currently experiencing a temporary loss in revenue. Both Small business owners and qualified agricultural businesses in all U.S. states are eligible to apply for the low-interest loan.
According to the SBA, this loan advance does not have to be repaid and the recipients do not have to be approved for a loan in order to receive the advance however the amount of the loan advance will be deducted from the total loan eligibility.
Eligible small businesses and agricultural businesses may apply for the Loan Advance at the link below:
https://covid19relief.sba.gov/
If you have any questions regarding the EIDL process please contact our office.