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The Economic Injury Disaster Loan or EIDL is designed for businesses with fewer than 500 employees. Learn more about this loan, including qualifications and how to apply.
Though SBA disaster loans have been available for years, the EIDL was signed into law in March of 2020 as part of the CARES Act, which was passed by Congress to provide emergency relief to American workers and small businesses struggling to survive due to the impact of COVID-19. EIDL loans carry a low interest rate and a 30-year repayment term and can offer a lifeline to struggling small businesses.
Right now, the EIDL can cover up to six months of working capital or operating expenses, with a cap of $150,000, provided that your business qualifies. With funding still available and a December 21, 2020, deadline rapidly approaching, it might be time to find out a little more about the EIDL loan.