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.
Interest rates are fixed at 3.75% for small businesses and 2.75% for non-profits.
Terms are available for up to 30 years.
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.
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.
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.