SBA Economic Injury Disaster Loan (EIDL)
EIDL Product Overview
EIDL Customer Eligibility Requirements
New $10,000 Economic Injury Disaster Loan (EIDL) Grants: Do You Qualify?
To learn and apply for PPP 2.0, go here.
The long-awaited second COVID-19 recovery package was signed into law December 27, 2020. The package includes a second round of funding for both the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) Advance Grant, though eligibility is more targeted for both programs.
Here are some of the main takeaways from the COVID-19 Recovery 2.0 legislation that small business owners should know:
EIDL Advance Grant 2.0
Adds another $20 billion for EIDL Advance Grants.
Eligible small businesses are able to receive additional funding if their first EIDL Advance Grant was under $10,000.
Businesses are eligible to receive an EIDL Advance Grant if they:
a. Employ 300 employees or less;
b. Demonstrate at least 30% reduction in gross receipts in any 8-week period between March 2,
2020 and December 31, 2021; and
c. Are located in a low-income community, as defined for the New Markets Tax Credit (NMTC).
Economic Injury Disaster Loan (EIDL) Advance Grant