Small Business Administration Program: Economic Injury Disaster Loan Program (EIDL)

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. 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 and 2.75% for non-profits. The first payment is deferred for one year. Applicants must be physically located in the U.S. or designated territory and suffered working capital losses due to the coronavirus pandemic, not due to a downturn in the economy or other reasons.

The deadline to apply for this program has been extended to December 31, 2021. For more information and the application, please click here to go to the SBA’s website.