Cover photo for Economic Injury Disaster Loans

Economic Injury Disaster Loans

Small Business Association

About

In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to coronavirus (COVID-19).

Eligibility

Must fulfill one field of eligibility:

  • Applicant is a business with not more than 500 employees

  • Applicant is an agricultural enterprise with not more than 500 employees

  • Applicant is an individual who operates under a sole proprietorship, with or without employees, or as an independent contractor

  • Applicant is a cooperative with not more than 500 employees

  • Applicant is an Employee Stock Ownership Plan (ESOP), as defined in 15 U.S.C. 632, with not more than 500 employees

  • Applicant is a tribal small business concern, as described in 15 U.S.C. 657a(b)(2)(C), with not more than 500 employees

  • Applicant is a business, including an agricultural cooperative, aquaculture enterprise, nursery, or producer cooperative (but excluding all other agricultural enterprises), with more than 500 employees that is small under SBA Size Standards found at https://www.sba.gov/size-standards.

  • Applicant is a business with more than 500 employees that is small under SBA Size Standards found at https://www.sba.gov/size-standards

  • Applicant is a private non-profit organization that is a non-governmental agency or entity that currently has an effective ruling letter from the IRS granting tax exemption under sections 501(c),(d), or (e) of the Internal Revenue Code of 1954, or satisfactory evidence from the State that the non-revenue producing organization or entity is a non-profit one organized or doing business under State law, or a faith-based organization.

Terms

  • 3.75% for businesses (fixed)

  • 2.75% for nonprofits (fixed)

  • 30 years

  • No pre-payment penalty or fees

Resources

Similar Programs

Details

Organization

Small Business Association (SBA)

Financial Instrument

Loan

Image Credit

JESHOOTS.COM

Updated July 18, 2021

This information was gathered from public sources. Ambrook is not responsible for or able to affect the results of any financial programs listed, nor are they responsible for any incorrect information that is listed or is on the hyperlinked external sites. All information is subject to change.