On March 12th, 2020, during the beginning stages of the pandemic, the SBA (Small Business Administration) announced that they released a program called the EIDL (Economic Injury Disaster Loan) to offer financial relief to the 30+ Million business owners in the U.S that were being affected by the pandemic. This program provides economic relief in the form of a long term, low interest loan to small businesses and nonprofit organizations that were, or are still currently experiencing a temporary loss of revenue due to the effects of COVID-19 on their business. The program originally offered a maximum loan of $150,000 when it was first released in 2020, they have since upped the maximum loan amount a business can receive to $500,000.

The EIDL loan terms as of May 2021 are as follows...

  • Up to $500,00 in funding (Up from $150,000)
  • 30 Year term
  • No payments for 18 Months
  • 3.75% fixed rate for businesses and 2.75% fixed for nonprofits
  • No pre-payment penalty or fees

The requirements are as follows...

  • Must have been in business prior to January 2020
  • Personal Credit 550+
  • No Defaults on prior SBA Loans
  • No Bankruptcies

If you already got the PPP (Payroll Protection Program), you can still qualify and get the EIDL as well.

EIDL FAQ's

What can I use COVID-19 EIDL funds for? And how is that different from PPP funds?

EIDL proceeds can be used to cover a wide array of working capital needs and normal operating expenses, such as continuation of health care benefits, rent, utilities, and fixed debt payments.

Can you help with an appeal?

Yes.

Can I apply for the COVID-19 EIDL if I already received a PPP loan?

Yes. Borrowers can apply for both the PPP and EIDL, although funds from both cannot be used for the same purpose.

What do I need to apply?

Just fill out the 1 page application and one of our specialists will get back to you the same or next day.

Who is eligible for COVID-19 EIDL?

Applicants must be physically located in the United States or designated territory and suffered working capital losses due to the Coronavirus pandemic.
Eligible applicants include…
  • Businesses with 500 or fewer employees
  • Agricultural enterprises with 500 or fewer employees
  • Most private nonprofits
  • Faith-based organizations
  • Sole proprietorships and independent contractors

Can you help with an increase?

Yes.

I applied for a COVID-19 EIDL loan and I haven’t heard anything about my application. Should I reapply?

No. Any additional applications will be marked “duplicate” and will not be processed. Please call our Customer Service: Give us a call @ 888-445-1028.

I was recently declined for the EIDL due to my credit being too low, can I still qualify for other business financing?

YES! We are a full service DIRECT LENDER and have many options available besides the SBA EIDL. Fill out the application and one of our funding specialists will reach out to you soon after.

Couldn’t find your answer?

Email us [email protected] or Give us a call  @ 888-445-1028