The Small Business Administration said Monday that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19.
SBA Administrator Jovita Carranza said in a statement that the reopening will help small businesses and nonprofits.
“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,” Carranza said.
SBA’s EIDL loans can be used to cover payroll and inventory, pay debt or fund other expenses. Also, 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, Carranza explained.
The interest rate is 3.75% for small businesses and 2.75% for non-profits.
To keep payments affordable, SBA offers loans with long repayment terms, up to a maximum of 30 years. Plus, the first payment is deferred for one year.