Important Notice:

The US Small Businesses Administration has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19. 

 

Emergency Economic Injury Grants

Emergency Economic Injury Grants grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you must first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.
 

Are Businesses and Private Non-Profits in My State Eligible for an EIDL Related to Covid19?

Yes, those suffering substantial economic injury in all 50 states, including Vermont, may apply for an Economic Injury Disaster Loan (EIDL).
 

What Is an EIDL and What Is It Used For?

EIDLs are lower interest loans of up to $2 million in assistance per business, with principal and interest deferment available for up to 4 years, that are available to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses.

SBA’s Economic Injury Disaster Loans (EIDL) provide economic support to overcome temporary loss of revenue.  EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses and 2.75% for private non-profit organizations, which are also eligible for EIDLs. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay, up to a maximum of 30 years. Small businesses with credit available elsewhere may not be eligible.
 

Who Is Eligible for an EIDL?

Those eligible are the following with 500 or fewer employees:

• Small business concerns (including sole proprietorships, with or without employees)
• Independent contractors
• Cooperatives and employee owned businesses
• Private non-profits
• Tribal small businesses

Find out more by heading to our website.