The U.S. Small Business Administration (SBS) announced it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19. EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses. It can help entities not already covered by a Paycheck Protection Program loan.
The interest rate is 3.75 percent for small businesses and 2.75 percent for nonprofits. Repayment terms can be a maximum of 30 years. The first payment is deferred for one year.
EIDL Advance will provide up to $10,000, $1,000 per employee, of emergency economic relief to businesses. These emergency grants do not have to be repaid. Small businesses may receive an advance even if they are not approved for a loan.
