SBA Economic Injury Disaster Loans (EIDL)
Small Business Administration (SBA) Economic Injury Disaster Loans (EIDL)
With the passage of the Consolidated Appropriations Act of 2021, new Economic Injury Disaster Loans (EIDL) are now available. Small businesses and nonprofits in low income communities that suffered a 30% economic loss and have fewer than 300 employees are eligible to apply for and receive an advance grant of $10,000, or the difference between $10,000 and a previous advance grant amount.
Interested applicants must apply directly through the SBA. For more information, visit the SBA's website.
EIDL advances will no longer be deducted from Paycheck Protection Program (PPP) forgiveness amounts. We expect that the SBA will retroactively remit additional forgiveness payments for PPP loans with a reduced forgiveness amount because of an EIDL advance.