Economic Injury Disaster Loan (EIDL)

This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of $1,000 per employee, up to $10,000 in total. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. Although the advance is meant to be funded within 3 days of applying, the deposits have been taking at least 2 weeks to process. This loan advance will not have to be repaid.


The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic.

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

Components of the Loan

The Small Business Administration EIDL is made up of two components. The primary component provides up to $10,000 in disaster relief grants to small businesses. The initial guidance indicated every business could apply for the $10,000 free money. Guidance was later revised to cap the amount to a maximum of up to $1,000 per employee with a maximum funding of $10,000 per business. This money was intended for immediate business financial relief for payroll and other business expenses. Of course the overwhelming interest in the program delayed the turnaround time from the anticipated 3 days to several weeks before businesses actually received the money.

A second component of the EIDL is a loan in addition to the $10,000 maximum grant amount. The interest rate on the loan is 3.75% and the loan amount is up to $2 million per business. This component of the EIDL is not very common since the PPP loan program discussed below has far better financial terms.

Unfortunately the funds appropriated for this program ran out pretty quickly. We only know of 4 clients that were successful in getting funding from this source. This program is going to be replenished with $484 billion once the president signs the bill congress passed yesterday. We suggest checking the SBA website often so you can apply as soon as the program opens back up. The online application can be found at the SBA website

How do I apply for the EIDL?

Applications are made directly on the SBA. If you would like assistance applying for the EIDL, give us a call at 407-897-7050.