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.

SBA Opens Up New Grants And Loans For Small Businesses And Independent Contractors: The EIDL Program

On June 15, 2020, the SBA announced that it was again opening up its Economic Injury Disaster Loan (EIDL) grant and loan program. This means that independent contractors, freelancers, and gig workers are eligible to receive a $1,000 grant that does not have to be repaid.

Small businesses and agricultural businesses also may apply for the grant, equal to $1,000 per employee of the business up to a maximum of $10,000.

A loan for favorable terms from the SBA may also be available. There is some uncertainty as to the amount available, but up to $150,000 or $2 million has been reported.

Under the CARES Act passed on March 27, 2020, independent contractors, gig workers, and freelancers affected by the coronavirus 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.

Checkout Latest News from FORBES

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.

Click Here to Have Us Get Your Loan Packaged Properly and expedite the Cash Infusion.

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

Looking for Economic Injury Disaster Loan?

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