COVID-19 Economic Injury Disaster Loan

EDIL

In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for the COVID-19 Economic Injury Disaster Loan (EIDL).

  • FA Re  ardi C6VID 19 EIDL

 

PURPOSE

To meet financial obligations and operating expenses that could have been met had the

disaster not occurred

LOAN AMOUNT

For loans approved starting the week of April 6, 2021: 24-months of economic injury with a maximum loan amount of $500,000.

For loans approved prior to the week of April 6,

2021, see loan increases.

TERMS
  • 3.75% for businesses (fixed)
  • 2.75% for nonprofits(fixed)
  • 30 years
  • No pre-payment penalty or fees
USE OF PROCEEDS

Working capital and normal operating expenses

Example. continuation of health care benefits,

rent, utilities, fixed debt payments.

COLLATERAL REQUIREMENTS

  • Required for loans over S25,000
  • SBA uses a general security agreement (UCC) designating business assets as collateral, such as machinery and

equipment, furniture and fixtures, etc.

FORGIVABLE
  • NO — EIDL Loan
  • YES — EIDL Advance *

*Advance funds have been fully allocated and

are not currently available

MATURITY30 years

PAYMENTS

Borrower may make payments if they choose to do so.

Set up online payments through Pea v OR mail

payments to:

U.S. Small Business Administration 721 19th Street

Denver, CO 80202

Be sure to include EIDL loan number on mailed-in

checks.

SBA is currently accepting new COVID-19 EIDL applications from all qualified smalt businesses, inctuding agricultural businesses, and private nonprofit organizations.

 

If you have already applied via the streamlined application portal, please do not resubmit your app(ication.

Loan eligibility

Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to COVID-19.

 

Agricultural businesses with 500 or fewer employees are now eligible as a result of new authority granted by Congress in response to the pandemic.FA Re  ardi C6VID 19 EIDL

 

Agricultural businesses inc(ude those businesses engaged in the production of food and fiber, ranching, raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).

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