SBA Economic Injury Disaster Loan (EIDL) Assistance

Under the CARES Act, the US Small Business Administration (“SBA”) has provided $350B through the Paycheck Protection Program (“PPP”) and the Economic Injury Disaster Loans (“EIDL”) programs to assist small businesses impacted by the COVID-19 pandemic. While those funds were quickly depleted, US Fund Source expects that a new round of funding for both programs is right around the corner. To take advantage of both programs once they open again, it is imperative you prepare your applications now. US Fund Source can help you prepare these applications so you can get the funding you need as quickly as possible.

COVID-19 relief

Don’t let Coronavirus stop your business. Get back on track today with US Fund Source’s EIDL Assistance.

*At this time, US Fund Source is offering assistance with EIDL (Economic Injury Disaster Loans) applications directly through the US Small Business Administration (“SBA”). Each EIDL application is individually reviewed, and any loan offers are based on your circumstances. Therefore, US Fund Source cannot guarantee any specific result from your application, but we will make every effort to get the best outcome for you. A US Fund Source funding administrator will use the information you provide to complete your EIDL loan package and to file your EIDL application on your behalf. The administrator will go over this package with you in detail before submitting it to the SBA. You will receive notice directly from the SBA once your application is submitted. In addition to EIDL assistance, US Fund Source can help with your Paycheck Protection Program loan application at no additional cost. Please reach out to your US Fund Source representative for more information, or email us at info@usfundsource.com
**As of 4/23/2020, 6:20 PM EST-The House just passed another $480 billion in coronavirus relief. The US Small Business Administration (“SBA”) is about to approve additional funding for the PPP & EIDL Program. The first round of funding was exhausted in two weeks, and we expect that the second round will be exhausted just as quickly. PPP & EIDL loans are being funded on a first-come, first-serve basis so submit your PPP & EIDL loan application right away with US Fund Source. Any delay will hurt your chances of being approved for a loan.
***Loans approved before April 7, 2021, for less than $500,000 are likely eligible for an increase based on new loan maximum amounts announced March 24, 2021. Businesses that received a loan subject to the previous loan limit can submit a request for an increase at this time. EIDL Round 2 is a direct part of the EIDL second round and consists of either an increase in loan amount up to $500,000.00 or a inital loan of up to $500,000.00.

Loan Amount

Recieve up to $2 Million in loan proceeds and a forgivable advance or grant up to $10,000

Eligible Businesses

Small Businesses with less than 500 Employees, including nonprofit organizations

Loan Use

Necessary Day to Day expenses like payroll, accounts payable, mortgage interest, rent, and utilities

Economic Injury Disaster Loan (EIDL)

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. For loans approved starting the week of April 6, 2021: 24-months of economic injury with a maximum loan amount of $500,000. Loans approved before April 7, 2021, for less than $500,000 are likely eligible for an increase based on new loan maximum amounts announced March 24, 2021. Businesses that received a loan subject to the previous loan limit can submit a request for an increase at this time.

3.75% for businesses (fixed)
2.75% for nonprofits (fixed)
30 years Maturity
No pre-payment penalty or fees
Set up online payments through Pay.gov OR mail payments to:

U.S. Small Business Administration 721 19th Street Denver, CO 80202

EIDL Additional Information

The SBA Economic Injury Disaster Loan program provides low-interest loans to businesses recovering from declared disasters, including COVID-19.

Loan proceeds can be used to cover costs such as payroll, accounts payable, operating expenses, fixed debt and other costs companies can’t pay due to the coronavirus crisis.

The loan is administered and funded by the SBA.

How much can you borrow?

Who is eligible?

what is the interest rate?

Interest rates are fixed at 3.75% for small businesses and 2.75% for non-profits.

Are SBA PPP Loans the Same as Disaster Loans?

PPP loans differ from Economic Injury and Disaster Loans (EIDLs). PPP loans are available to all US businesses based on the requirements above.

EIDLs are also available for small businesses in designated areas (right now that’s classified as all US states and territories) that have suffered an economic hit because of the COVID-19 pandemic, though the requirements are more stringent. Unlike PPPs, EIDLs/disaster loans must be repaid in full.

what is the repayment term?

Terms are available for up to 30 years.

what is the economic injury disaster loan grant?

All small businesses and non-profits that apply for an Economic Injury Disaster Loan are eligible to receive up to a $10,000 grant. Funds will be made available within 3 days of a successful EIDL application. Grant proceeds do not have to be repaid. Your grant amount will be based on your annual revenue and the cost of goods sold over the past 12 months.

After you submit all required information and documentation through our application assistance service, a US Fund Source business consultant will help prepare and submit your EIDL package.

The SBA will process your application and timing could take anywhere from 2 weeks to 90 days. An EIDL advance will be issued to eligible applicants within 3 days of receiving and SBA confirmation number.

What services does uSFS (US Fund Source) Provide through their application assistance?

For A USFS small business consultant will use the information you provide to complete your EIDL loan package. The small business consultant will go over this package with you in detail before submitting it to the SBA. You will receive notification from the SBA directly once your application is in. The confirm number will be provided via email directly.

Can You Get a PPP Loan If You Have Other Loans?

Yes, you can qualify for a PPP loan even if you already have other loans, including other SBA loans. However, if you received an Economic Injury Disaster Loan (EIDL) between January 31, 2020 and April 3, 2020, you will be required to use your PPP loan to refinance your EIDL loan. We believe this is advantageous given the lower interest rate and potential forgiveness of the PPP loan.

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