After several weeks of only accepting applications from the agriculture industry, the Small Business Administration (SBA) is now accepting applications from qualified small businesses.
The Economic Injury Disaster Loan (EIDL) offers an advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. The loan advance will not have to be repaid. Recipients do not have to be approved for a loan in order to receive the advance (the amount of the loan advance will be deducted from total loan eligibility).
Currently, maximum loan amounts remain limited to $150,000.
SBA advises that applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
Eligible small businesses may apply here.
As of June 12, SBA had approved 1,332,955 applications totaling over $90 billion in loans.
