BRAC’s June 26 COVID-19 Brief: SBA now accepting EIDL applications from small businesses
The Small Business Administration (SBA) began accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on June 15 to qualified small businesses and U.S. agricultural businesses. Advances of up to $10,000 are available, and do not have to be repaid. Recipients do not have to be approved for a loan in order to receive the Advance, but the amount of the loan Advance will be deducted from total loan eligibility. The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the situation around COVID-19. Any applications that were submitted prior to April 15 will be processed on a first-come, first-served basis.
Businesses with 500 employees or fewer, sole proprietorships, independent contractors, cooperatives and employee-owned businesses, and tribal small businesses are eligible to apply. Small businesses and agricultural co-ops that meet the size standard are eligible, as are most private non-profits of any size.