SBA Economic Injury Disaster Loan (EIDL) & Emergency Advance


Application Filing Deadline:  December 31, 2020

The President has activated a presidential disaster declaration in response to COVID-19, activating the SBA’s Economic Injury Disaster Loan (EIDL) Program. Impacted businesses, small agricultural cooperatives, and private nonprofit organizations that have suffered substantial economic injury may apply for long-term, low-interest loans through the EIDL program. EIDLs provide working capital to help businesses survive until normal operations resume after a disaster. The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.

EIDL Emergency Advance

Thanks to the CARES Act, applicants who apply for an EIDL loan may request an advance emergency EIDL grant of up to $10,000 from the SBA to cover payroll and other operating costs while your EIDL application is being processed. EIDL advances are made available within days of a successful application submission. Best yet, these advances don’t need to be repaid, even if you are subsequently declined for the loan. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of the advance will be determined by the number of small business’ pre-disaster (i.e., as of January 31st, 2020) employees. The advance will provide $1,000 per employee up to a maximum of $10,000.


The following entities that have suffered substantial economic injury and were in existence on January 31, 2020:

  • Any small business concern that meets SBA’s employee or revenue-based size standards for the industry that the business operates
  • Sole proprietors, independent contractors, and self-employed persons
  • Private non-profit organizations or 501(c)(19) veterans organizations
  • Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries

Note: Applicants can have an existing SBA disaster loan and still qualify for an EIDL for COVID-19, however, the loans cannot be consolidated. You may also apply for and receive a PPP loan, however, EIDL proceeds cannot be used for the same purpose as a PPP loan.


Eligible small businesses may qualify for an EIDL Emergency Advance of up to $10,000 and an EIDL loan of up to $2 million to help meet financial obligations and operating expenses that could have been met if the disaster did not occur. Loan funds can be used as working capital to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

You may use the $10,000 loan advance for:

  • Providing paid sick leave to employees;
  • Maintaining payroll;
  • Meeting increased costs to obtain materials;
  • Making rent or mortgage payments; and/or
  • Repaying obligations that cannot be met due to revenue losses.

Note: The EIDL advance cannot be used for the same payroll costs as PPP or the amount of PPP forgiveness will be reduced.


With the exception of the EIDL Emergency Advance, an EIDL must be repaid.

The interest rate for small businesses is 3.75 percent and the interest rate for non-profits is 2.75 percent for terms up to 30 years.


We anticipate that SBA will be accepting applications at again early next week. The funding for this program is expected to go quickly, so we are encouraging our state’s small businesses to prepare to apply now.

*Note: Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.

For more information about the U.S. SBA EIDL program, click here.

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