Economic Injury Disaster Loans (EIDL) provide working capital to businesses that have suffered substantial economic injury as a result of COVID-19. New provisions from the CARES Act allows this capital to be available faster and by a broader scope of business.
Businesses impacted by COVID-19 that apply for the Small Business Administration’s EIDL loan are eligible for a $10,000 forgivable advance; it is important to note, however, that entities that have already applied for the EIDL prior to March 30 will need to reapply through the new application to be eligible for the forgivable advance.
Businesses may still be eligible even if their original application was denied. Apply at www.sba.gov/disaster/apply-for-disaster-loan/index.html.