SBA Again Accepting EIDL Loan and Advance Applications

Last Updated on Jun 16, 2020 at 3:20pm | COVID-19

 As of June 15th, the Small Business Administration (SBA) has reopened the Economic Injury Disaster Loan (EIDL) portal.
Previously submitted applications will continue to be processed on a first-come, first-served basis.
An EIDL may be used to pay debts, payroll, accounts payable and other expenses. The interest rate is 3.75% for small businesses and 2.75% for non-profits, with repayment terms of up to 30 years with a one year deferment.
Applicants may request, as part of their loan application, an EIDL Advance of $1,000 per employee, up to $10,000. The advance will not have to be repaid, and small businesses may receive an advance even if they are not approved for or decide not to accept a loan.