Economic Injury Disaster Loans

Economic Injury Disaster Loan

On June 15, 2020, the SBA announced that it was again opening up its Economic Injury Disaster Loan (EIDL) grant and loan program.

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SBA extends COVID-19 loan application deadline

WASHINGTON (KLTV) – The U.S. Small Business Administration announced Thursday that the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic disaster declaration is extended to Dec. 31, 2021.

The deadline extension comes as a result of the recent bipartisan COVID-19 relief bill passed by Congress and enacted by President Trump on Dec. 27.

To date, the SBA has approved $197 billion in low-interest loans which provides working capital funds to small businesses, non-profits and agricultural businesses.

“Following the President’s declaration of the COVID-19 Pandemic, the SBA has approved over 3.6 million loans through our Economic Injury Disaster Loan program nationwide,” Administrator Jovita Carranza said. “The EIDL program has assisted millions of small businesses, including non-profit organizations, sole proprietors and independent contractors, from a wide array of industries and business sectors, to survive this very difficult economic environment.”

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Who Can Use an SBA Economic Injury Disaster Loan?

The SBA offers disaster assistance in the form of low-interest loans to businesses, renters, and homeowners located in regions affected by declared disasters. With Small Business Grants & Loans we work with small business owners who are in urgent need of a cash injection which will enable your business to pivot in the new environment of 2020 going forward.

Independent contractors, gig workers, and freelancers affected by the corona virus crisis are eligible to receive the grant. The SBA sometimes refers to these grants as “advances,” but you are not required to repay this money to the government. Loans vary from $150,000 or $2 million has been reported.

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Who Is Eligible for the Grants?

The SBA disaster loans and grants include the following eligible claimants:

  • Independent contractors (for whom there is expanded eligibility criteria)
  • Freelancers
  • Sole proprietorship, with or without employees
  • Gig workers
  • Small businesses with less than 500 employees
  • Agricultural businesses

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SBA Opens Up New Grants And Loans For Small Businesses And Independent Contractors. Loans from 10k to 150k – 2 Million

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