SBA released a new Economic Injury (EIDL) processing
platform yesterday which incorporates the ability to request an Economic Injury
Disaster Loan Advance of up to $10,000. The loan advance will
provide economic relief to businesses that are currently experiencing temporary
loss of revenue. Funds will be made available within three days of
a successful application, and
this loan advance will not have to be repaid. www.sba.gov/disaster
SBA sent out the below message to everyone that had applied
for an EIDL loan prior to the loan advance option becoming available through
the Cares Act.
We know you
are facing challenging times in this current health crisis. The U.S. Small
Business Administration is committed to help bring relief to small
businesses and nonprofit organizations suffering because of the Coronavirus
(COVID-19) pandemic.
On March 27,
2020, President Trump signed into law the CARES Act, which provided
additional assistance for small business owners and non-profits, including
the opportunity to get up to a $10,000 Advance on an
Economic Injury Disaster Loan (EIDL). This Advance may be available even if
your EIDL application
was declined or is still pending, and will be
forgiven.
If you wish to apply for the Advance on your EIDL, please
visit www.SBA.gov/Disaster as
soon as possible to fill out a new, streamlined application. In order to
qualify for the Advance, you need to submit this new application even if
you previously submitted an EIDL application. Applying for the Advance will
not impact the status or slow your existing application.
Also, we
encourage you to subscribe to our email updates via www.SBA.gov/Updates and
follow us on Twitter at @SBAgov for the latest news on
available SBA resources and services. If you need additional assistance,
you can find your local SBA office and resource partners at www.SBA.gov/LocalAssistance. If you have questions, you
may also call 1-800-659-2955.
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