Small Business Owners can now apply SBA loans and advance
June 16, 2020
Small Business Administration is again accepting application for Economic Injury Disaster Loans and Advance. The loans will be waived. It is a great opportunity to secure funds up to $10,000. It is on a first come first served basis. The previous program ended on April 15, 2020. It is not open ONLY for new applications. The previous program applications will be processed now on a first come basis also.
Here is the announcement from SBA:
Now Accepting New Applications for COVID-19 Economic Injury Disaster Loans and Advance
Eligible small businesses and agricultural businesses may apply for the Loan Advance here.
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are able to apply for an Economic Injury Disaster Loan (EIDL) Advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid.
SBA resumed processing EIDL applications that were submitted before the portal stopped accepting new applications on April 15 and will be processing those applications on a first-come, first-served basis. On June 15, SBA began accepting new EIDL and EIDL Advance applications from qualified small businesses and U.S. agricultural businesses.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.