Business Options for Financial Relief: SBA Economic Injury Disaster Loan (EIDL)
What is it?
The EIDL program provides business loans up to $2 million and includes an emergency grant of up to $10,000 to be made within three days of application. The grant will be forgiven provided that funds are used for providing sick leave, maintaining payroll, meeting increased costs driven up by interrupted supply chains, making business’s rent/mortgage payments, and repaying obligations that cannot be met due to revenue loss.
How does the EDIL program differ from the PPP program?
Your business may be able to apply for both programs, but you can’t get funds from both programs for the same purpose. We’ve outlined the key differences between the PPP and EDIL program in this chart, below:
How do I apply?
Visit the SBA Disaster Assistance Portal to apply.
Make sure you set aside a few hours, as the estimated time to fill out the application is 2 hrs 10 mins.
*Please note this information is for informational purposes only and is current as of April 7, 2020 based on our understanding of these programs. It can and likely will change — therefore please visit the source directly for the most updated and accurate information. Before making any financial decisions, please consult your lawyer, accountant, or financial advisor.