Important deadlines:

  • As of January 1, 2022, we are not able to accept applications for new COVID EIDL loans or Advances.
  • The deadline to request a loan increase or reconsideration is May 6, 2022.
  • The COVID-19 EIDL portal (covid19relief1.sba.gov, also known as the “RAPID portal”) will close on May 16, 2022. Borrowers should download their loan documents from the portal prior to this date.

Program summary:

The COVID-19 Economic Injury Disaster Loan (EIDL) and EIDL Advance programs provide funding to help small businesses recover from the economic impacts of the COVID-19 pandemic. There are two types of COVID EIDL funding:

  • COVID EIDL loan funds may be used for working capital and other normal operating expenses.
    • These loans are not forgivable and must be repaid
    • Requirements vary depending on the size of the loan
    • Loan increases are available until funds are exhausted
  • The EIDL Advance funds are awarded to existing COVID EIDL applicants who meet certain criteria.
    • Advances are like grants, but without typical U.S. government grant requirements
    • EIDL Advances do not need to be repaid

 

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