SBA Reopens Website To Allow Businesses To Apply For COVID-19 Disaster Loan | Performance Racing Industry
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SBA Reopens Website To Allow Businesses To Apply For COVID-19 Disaster Loan
June 19, 2020
The Economic Injury Disaster Loan (EIDL) program is separate from the forgivable Paycheck Protection Program, which is currently accepting applications until June 30.
SBA Reopens Website To Allow Businesses To Apply For COVID-19 Disaster Loan

The US Small Business Administration (SBA) is once again accepting applications for Economic Injury Disaster Loans (EIDL). The program had closed temporarily due to an overwhelming demand for assistance.

Businesses impacted by COVID-19 may seek a disaster loan of up to $150,000 at a 3.75% interest rate, which may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. As part of the 30-year loan application, companies may request an EIDL advance of up to $10,000 that does not have to be repaid. The forgivable grants have been capped at $1,000 per worker due to demand.

The EIDL program is separate from the forgivable Paycheck Protection Program, which is currently accepting applications until June 30. Applicants may apply to both programs. Grants given through the EIDL program will be included in the PPP loan.

For more information or to apply for an EIDL loan, visit sba.gov/funding-programs/disaster-assistance/coronavirus-covid-19.