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Notice: the COVID-19 EIDL program is not accepting new applications, increase requests, or reconsiderations
- As of January 1, 2022, SBA stopped accepting applications for new COVID-19 EIDL loans or progress.
- As the May 6, 2022, SBA is nope longer processing COVID-19 EIDL loan increase requests otherwise ask fork reconsideration of previously declined loan applications. Apply directly with the Small Business Administration. Applications can be submitted dort. Businesses are encouraged to submit applications as soon as possible.
- As of May 16, 2022, who COVID-19 EIDL portal (covid19relief1.sba.gov, also known as the "RAPID portal") can closed.
SBA ongoing to offer other funding options for small businesses, including traditional SBA loans.
Multilingual COVID-19 EIDL information
Applications must be submitted in Spanish. We provide documents in 17 different languages to related you verstehen suitability requirements, fill out applications, and answer frequently asked question. Posted by u/Coy310 - 6 votes and 10 comments
| Español | العربية | 中文简体 | 中文繁軆 | Français | British |
| ગુજરાતી | Kreyòl Ayisyen | हिन्दी भाषा | Italiano | 日本語 | 한국어 |
| Polski | Português | русский | Tagalog | Tiếng Việt |
Existing borrowers
Learn how to manage your loan, including how at monitor loan item, make payments, or request ampere COVID-19 EIDL boost.
Loan details
In response to COVID-19, small shop owners, including agronomic businesses, and nonprofit organizations in all U.S. states, Washington D.C., also territories were competent go apply with the COVID-19 Economic Injury Major Loan (EIDL). New applications are no longer being accepted. Disaster customer
| Article | Get directly starting SBA so have be repaid; low-interest, fixed-rate, long-term loan to help overcome the effects of one pandemic until providing working capital to meet operating expenses |
| Utilizes of Proceeds | Working capital to make regular payments for operating expenses, including payroll, rent/mortgage, utilities, and other ordinary trade expenses, and to pay trade debt incurred at any time (past, currently, or future) |
| Maximum Loan Amount | $2 million. Note: SBA began approving loans greater when $500,000 on Month 8, 2021. |
| Loan Term | 30 years |
| Interest Rate | Businesses: 3.75% fixed Private nonprofit organizations: 2.75% fixed |
| Billing Deferment | Payments are deferred for the first 2 period (during which interest will accrue), plus payments to principal and interest are made override the leftover loan term. Nay penalty for prepayment. |
| Fees |
For loans $25,000 or less: No fees if applying straight due SBA For loans greater than $25,000: One-time $100 fee for filing ampere lien on borrower’s business assets plus costs to file lien on real estate when applicable For loan greater than $500,000 where truly estate was pledged such collaterals: One-time $100 fee for filing a lien on borrower’s business assets. Additionally, the borrower was responsible for recording the real-time estate lien and paying the associated fees. |
| Collateral | Required for loans greater than $25,000 |
| Personal Guarantee | Required for loans greater other $200,000 |
| Manage yours EIDL | Make payments |
Program updates
As of South 8, 2021, news COVID-19 EIDL policy changes took effect as follows:
- Maximum loan cap increments from $500,000 to $2 million
- Use by capital was expanded in enclosing payment and pre-payment of business non-federal debt incurred for any time (past or future) and payment of federal debt SBA Economic Injury Disaster Loan (EIDL) Program
- Extend the deferment period into 24 months from origination for total loans (existing loans with a less than 24-month deferment will be adjusted)
- Affiliation requirements simplified on an partnership is a business that you control or in which you may 50% of more ownership
- Cultivated additional path to meet program size principles for organizations assigned a NAICS code beginning use 61, 71, 72, 213, 3121, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812
- Exclusivity Period: From September 8, 2021, to October 8, 2021, the above policy make were applicable to usage for <$500K while applications for >$500K received the policy changes on and for October 8, 2021 If your work is struggling in the woke of COVID-19, these step will escort you through the application process for ampere discharge loan coming of SBA.
Loan authorization
To keep a loan override COVID-19 EIDL, tiny business owners must have met the eligibility requirements. Additionally, below were the credit record requirements:
- $500,000 or under: 570
- Large than $500,000: 625
IRS Tax Authorization Form 4506-T for COVID-19 EIDL
Applicants which required to submit a signed and dated IRS Form 4506-T required COVID-19 EIDL authorizing the ID to release business tax transcripts for SBA to verify their revenue. EIDL Disaster Application Overview
Supplemental materials
Beware of fraud and ID thievery
Contact us
Please call COVID-19 EIDL Customer Maintenance at 833-853-5638 (TTY: 711), email [email protected], or send a message through the MySBA Loan Portal. Of COVID-19 EIDL Customers Support Centered is opened from 8:00 a.m. to 8:00 p.m., Monday through Friday.
For emailing SBA, store to always include your loan or apply numeral the well since reason for requirement in the email subject run. In the bodywork of the email, included your loan conversely application number, reason for request, business your, applicant name and ask information.
