During a June 16 press conference, the Small Business Administration provided information about its Economic Disaster Injury Loan programs, which are open to small businesses and nonprofit organizations.
Low-interest EIDLs can be used for payroll and other business expenses, including bills, land payments and rent, SBA officials explained. Advance amounts allowable for a borrower is subject to several criteria, but $500,000 is the maximum.
The administration said that businesses approved in 2020 for EIDLs have a 24-month deferment period. And businesses that received in 2021 have a deferment of 18-months deferment.
The maximum loan allowed per business will be based off multiple criteria, but no organization can receive a loan of more than $500,000. Businesses already approved in 2020 for EIDL loans have a 24-month deferment period from receiving the loan to begin payments, and those received in 2021 will have an 18-month deferment, SBA officials said.
For the hardest hit businesses, the EIDL program offers two grant programs that do not require repayment. Here, eligible applicants can receive up to $15,000 in funding from SBA
At the time of the press briefing, $550 million of the EIDL supplemental grant’s $5 billion reserve had been tapped. Of the targeted EIDL grant’s $30 billion total funds, just $1.5 billion has been awarded to date.
SBA’s disaster assistance customer service center can be contacted at (800) 659-2955 or email@example.com.