Economic Injury Disaster Loan Emergency Advance Program
Federal Agency: U.S. Small Business Administration
Description: In response to the COVID-19 pandemic, small business owners are eligible to apply for an Economic Injury Disaster Loan emergency advance of up to $10,000. 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 and the loan advance will not have to be repaid.
Eligible applicants: This program is for any small business with less than 500 employees including:
- Sole proprietorships
- Independent contractors
- Self-employed persons
- Private non-profit organization
- 501(c)(19) veterans organizations affected by COVID-19
Additionally, other eligible applicants may include:
- Businesses in certain industries that have more than 500 employees so long as they meet the SBA’s size standards for those industries.
Eligible activities: The proceeds from the emergency advance loan can be used to pay for expenses that could have been met had the public health crisis not occurred, including payroll and other operating expenses.
Award ceiling (MAX): $10,000
Award floor (MIN): N/A
Funding Availability: $562 million*
*This program was created in the CARES Act as an emergency advance loan program to assist small businesses affected by the COVID-19 public health crisis. The Economic Injury Disaster Loan Emergency Advance program was not appropriated annual funding in prior fiscal years under this title. SBA receives annual funding for its Economic Injury Disaster Loan program which is administered using a different set of requirements and procedures.
Application cycle: January 31 – December 31, 2020
- The Economic Injury Disaster Loan advance funds will be made available within days of a successful application.
- The emergency advance loan will not have to be repaid.
- Faith-based organizations, including houses of worship, are eligible to receive loans under the Economic Injury Disaster Loan program and all other SBA loan programs regardless of whether they provide secular social services.
More information: Visit HERE
Who can tell me more?
- Borrowers can contact the SBA Disaster Assistance customer service center by calling 1-800-659-2955 or emailing DisasterCustomerService@sba.gov; or
- You can contact the SBA District Office nearest you for guidance related to your specific needs.
To apply: Visit HERE to apply for an Economic Injury Disaster Loan Emergency Advance.