If you have not applied for or received an Economic Injury Disaster Loan (EIDL) advance payment or loan, but you need additional financial relief, you can now apply once again through the Small Business Administration (SBA) online portal https://www.sba.gov/funding-programs/disaster-assistance

If you are a small business you are eligible to apply. Also, for the first time, independent contractors can now apply. The process takes about 15 minutes to complete and is straightforward. If you want to apply, you should do so quickly as the funds are first come first served, and it is expected that they will run out funding fast and the portal will close again.

The EIDL advance payment will fund up to $10,000 ($1,000 per employee) that does not need to be repaid. Independent contractors are eligible for a $1,000 advance payment. If you receive an EIDL advance payment, the amount will reduce your PPP loan forgiveness by that amount, if you have received a PPP loan.

The full EIDL loan appears to be capped at $150,000 and must be repaid. The terms of the loan are 3.75% interest and 30 year repayment. If you are approved for a loan, you can accept the full amount offered, a portion of the amount offered, or you can reject the loan offer.

Both the EIDL advance payment and the EIDL loan are applied for with just one application through the online portal. Remember, act fast to ensure your application will be received before the funding limits are reached and the program closes.

EIDL advance payments and loans have usage restrictions. Please see this list for how you can use your EIDL loan, and how you cannot.

How can I use the loan funds?

  • Fixed debts (rent, etc.)
  • Payroll
  • Accounts payable
  • Some bills that could have been paid had the disaster not occurred.

Ineligible Uses of Loan

  • Dividends and bonuses
  • Disbursements to owners, unless for performance of services
  • Repayment of stockholder/principal loans (with exceptions)
  • Expansion of facilities or acquisition of fixed assets
  • Repair or replacement of physical damages
  • Refinancing long term debt
  • Paying down (including regular installment payments) or paying off loans provided, or owned by another Federal agency (including SBA) or a Small Business Investment Company
  • Payment of any part of a direct Federal debt, (including SBA loans) except IRS obligations
  • Relocation
  • Other ineligible uses available online.