SBA’s Economic Injury Disaster Loans and Advance Program Reopened to All Eligible Small Businesses and Non-Profits Impacted by COVID-19 Pandemic
Small Business Administration • June 16, 2020
To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal
to all eligible applicants experiencing economic impacts due to COVID-19 today.
“The SBA is strongly committed to working around the clock, providing dedicated emergency assistance to the small businesses and non-profits that are facing economic disruption due to the COVID-19 impact. With the reopening of the EIDL assistance and EIDL Advance application portal to all new applicants, additional small businesses and non-profits will be able to receive these long-term, low interest loans and emergency grants – reducing the economic impacts for their businesses, employees and communities they support,” said SBA Administrator Jovita Carranza. “Since EIDL assistance due to the pandemic first became available to small businesses located in every state and territory, SBA has worked to provide the greatest amount of emergency economic relief possible. To meet the unprecedented need, the SBA has made numerous improvements to the application and loan closing process, including deploying new technology and automated tools.”
SBA’s EIDL program offers long-term, low interest assistance for a small business or non-profit. These loans can provide vital economic support to help alleviate temporary loss of revenue. EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses. Additionally, the EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties, and these emergency grants do not have to be repaid.
SBA’s COVID-19 Economic Injury Disaster Loan (EIDL) and EIDL Advance
- The SBA is offering low interest federal disaster loans for working capital to small businesses and non-profit organizations that are suffering substantial economic injury as a result of COVID-19 in all U.S. states, Washington D.C., and territories.
- These loans may be used to pay debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, and that are not already covered by a Paycheck Protection Program loan. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
- To keep payments affordable for small businesses, SBA offers loans with long repayment terms, up to a maximum of 30 years. Plus, the first payment is deferred for one year.
- In addition, small businesses and non-profits may request, as part of their loan application, an EIDL Advance of up to $10,000. The EIDL Advance is designed to provide emergency economic relief to businesses that are currently experiencing a temporary loss of revenue. This advance will not have to be repaid, and small businesses may receive an advance even if they are not approved for a loan.
- SBA’s EIDL and EIDL Advance are just one piece of the expanded focus of the federal government’s coordinated response.
- The SBA is also assisting small businesses and non-profits with access to the federal forgivable loan program, the Paycheck Protection Program, which is currently accepting applications until June 30, 2020.
For additional information, please visit the SBA disaster assistance website at SBA.gov/Disaster.
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$16.5 Million in Grants Available
The U.S. Department of Agriculture has announced that it is making $27.7 million in grants available through the Rural Business Development Grant Program (RBDG). This program provides funding for business and community initiatives that promote economic growth and job creation. Eligible applicants can include rural cooperatives, state government agencies, towns, and communities, nonprofit corporations and institutions of higher learning, and federally recognized Tribes. Individuals and for-profit businesses or organizations are not eligible to apply. Applications will compete in two separate categories: Business opportunity grants: May be used for business support centers, technology-based economic development, leadership and entrepreneur training, feasibility studies, business plans, long-term strategic planning, and other eligible activities. Business enterprise grants: May be used for training and technical assistance, project planning, business counseling, market research, feasibility studies, and product or service improvements, buying or developing land, easements, or rights of way, including access streets and parking areas, constructing or renovating buildings, and buying machinery and equipment, capitalizing revolving loan funds, and supporting rural business incubators and community economic development and other eligible activities. Electronic applications must be submitted by 4:30 p.m. local time through Grants.gov on the due date. The Rural Business Development Grant Program has two different closing dates: June 15, 2026, only applies to Strategic Economic and Community Development (SECD) applications. June 30, 2026, applies to the remainder of the applicants. For more information on how to apply please visit on gov or contact your local USDA Rural Development office .
