U.S. Small Business Administration Reopens EIDL Emergency Loans and EIDL Advance Grant Program
The Small Business Administration (SBA) last week announced the reopening of the Economic Injury Disaster Loan (EIDL) and the EIDL Advance program.
The SBA’s existing EIDL emergency loan program was funded with an additional $20 billion to provide emergency relief and to ensure that EIDL loans available to small businesses experiencing economic impacts due to the COVID-19 pandemic.
The EIDL program came to an abrupt halt in early May due to the inability of the SBA to process the millions of applications that came flooding in from applicants seeking emergency relief.
The reopening means that small business petroleum marketers and heating fuel dealers have another opportunity to seek long term, low interest disaster loans and emergency grants from the SBA.
In addition, EIDL Advance will provide up to $10,000 ($1,000 per employee) of economic emergency relief to small businesses as a non-repayable grant.
The SBA said it has improved the application and loan closing process to make it easier and faster for applicants to receive funding.