SBA Economic Injury Disaster Loan (EIDL) for Nonprofits & Small Business
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
We've written an overview of the relief available to nonprofits here.
This grant/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.
This loan, which we call the "Easy EIDL" is MUCH simpler to apply for than the more well-known Paycheck Protection Program (PPP) forgivable loan funding (profiled here). The primary differences are:
- EIDL loan is funded directly through the SBA; PPP requires a lender
- EIDL is a simple process, vs. payroll records & other documents required for PPP
- Funds come within days; PPP is backed up with lender backlogs
- No restrictions on funds (the PPP must be 75% payroll and 25% rent/utilities)
- The EIDL is a $10,000 grant designed for small business, vs. the PPP at $10M
- The EIDL will not have to be repaid, versus conditional forgiveness of the PPP
The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic.
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.
The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid.
For help applying for a COVID-19 Economic Injury Disaster Loan and loan advance click here.