EIDL Application Portal Status Update
To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19.
The Economic Injury Disaster Loan program offers 30-year fixed-rate loans that provide six months of capital to small businesses during the pandemic, to cover things like rent, utilities, debt payments or a continuation of health-care benefits.
- The $900 billion Covid relief law passed last month doesn’t let small businesses take a second Economic Injury Disaster Loan.
- However, the law lets some hard-hit companies get a second grant, called a Targeted EIDL Advance.
Lender Assistance Hotline: (833) 572-0502
SBA Loan Deferment and EIDL Training
The following Powerpoint deck provides an overview of the SBA’s loan deferment and the Economic Injury Disaster Loan processes which may be a helpful webinar for your clients at this time. There are points throughout the slides where you can insert information relevant to your region.