IDAHO — If you are a small business owner who has been affected by the pandemic, you may be able to find some relief in a lending program by the Small Business Administration (SBA). The SBA announced Monday that they reopened their Economic Injury Disaster Loans (EIDL) and EIDL Advance program.
"With the reopening of the EIDL assistance and EIDL Advance application portal to all new applicants, additional small businesses and non-profits will be able to receive these long-term, low interest loans and emergency grants – reducing the economic impacts for their businesses, employees and communities they support,” said SBA Administrator Jovita Carranza.
These loans may be used to pay debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, and that are not already covered by a Paycheck Protection Program (PPP) loan. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
To keep payments affordable for small businesses, the SBA offers loans with long repayment terms, up to a maximum of 30 years. Plus, the first payment is deferred for one year.
Small businesses and non-profits may request, as part of their loan application, an EIDL Advance of up to $10,000.
The EIDL Advance is designed to provide emergency economic relief to businesses that are currently experiencing a temporary loss of revenue. This advance will not have to be repaid, and small businesses may receive an advance even if they are not approved for a loan.
More info can be found here.