SBA Disaster Loan Online Application Now Available
As an update to our previous advisory regarding the application process for US Small Business Administration (SBA) Economic Injury Disaster Loans (EIDL) due to COVID-19, the SBA has instituted a streamlined online application process available to all applicants here . This streamlined process appears to be the only method going forward for small business to apply for an EIDL related to COVID-19.
Through this process, small businesses may also apply for an advance of up to $10,000 made available through the CARES Act. In response to the COVID-19 pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an EIDL advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.
More information regarding the SBA EIDL COVID-19 program and application process can be found here .