**Update - 6/15/20 - SBA has resumed accepting applications

**Update - 4/16/20 - EIDL funds have been depleted.  SBA is no longer accepting applications.

  • Almost all businesses in existence on January 31, 2020, with 500 or fewer employees, can apply if they have “suffered substantial economic injury” caused by the pandemic.  This includes sole-proprietors, independent contractors, most private nonprofits, etc.
  • Apply directly with the SBA on their website.  They may rely on the credit score of the borrower, but tax returns may be reviewed as well.
  • Max loans - $2 million.  No collateral required if $25,000 or less.
  • Funds can be used for almost any business expenses, but not expenses already paid for with a PPP loan.
  • Terms:  For profits – 3.75%; non-profits – 2.75%; both for up to 30-years.  Payments deferred for one year.  No prepayment penalty.
  • Up to $10,000 Emergency Grant - received within 21 days of application.
    • Award $1,000 per employee up to 10.  
    • The grant is fully forgivable even if you do not end up getting the EIDL loan.
    • If you also receive a PPP loan, this grant will be subtracted from the forgivable portion. **repealed 12/27/2020
  • Apply at SBA.gov/disaster.  The process is very quick and easy. Be sure to print your application number and keep in a safe place.


12/27/20 - The latest CARES Act has rescinded the regulation regarding deducting the EIDL advances from the PPP forgiveness loan amounts.    For loans already forgiven, the advance deduction will be returned to the borrower.






04/14/2020 - SBA finally makes clear that the $10,000 advance will be based on the businesses pre-disaster (1/31/20) employee headcount.  They will award $1,000 per employee up to 10.  Any EIDL advance awarded to a business will be deducted from the forgivable portion of a PPP loan if both are applied for and received.

Disclaimer:  This is for informational purposes only.  Check with your accountant and/or banker for advice before proceeding with any business decisions related to the information posted here.

2021 Federal

  Banking Holidays


Friday Jan. 1
Monday Jan. 18
Monday Feb. 15
Monday May 31
Monday July 5
Monday Sep. 6


Oct. 11
Thursday Nov. 11
Thursday Nov. 25
Saturday Dec. 25


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