SBA Update! The EIDL loan and grant assistance program has reopened

by Nicole Beasley June 16, 2020

The U.S. Small Business Administration has resumed taking new applications for disaster loans from all eligible businesses including, sole proprietors, contractors, gig workers and nonprofits, according to SBA officials.

The SBA closed its online application portal for the Economic Injury Disaster Loan program on April 16th after running out of money totaling, $17 billion authorized by Congress and signed by the President of the United States, Donald Trump. Initially the reopening of the online portal was made available to agricultural businesses only.

The SBA is now accepting applications from all businesses affected by the COVID-19 pandemic, if they have 500 or fewer employees.

Loans are for up to $2 million per applicant and are funded by the U.S. Department of Treasury. The interest rate is 3.75% for businesses and 2.75% for nonprofits, with a 30-year term.

If you are a small business that has been affected by the pandemic be sure to apply online.

To apply, go to covid19relief.sba.gov/#/