In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.
Eligibility:
- Small Business with no more than 500 employees
- Sole proprietor – with or without employees or independent contractor
- Cooperative with no more than 500 employees
- Non-profit, non-governmental agency under 501(c), (d), or (e), or a non-revenue producing organization or faith based organization.
- Employee Stock Ownership Plan (ESOP) with no more than 500 employees.
- Business that considered small under SBA’s size standard found at https://www.sba.gov/size-standards with 500 or fewer employees or is an agricultural cooperative, aquaculture enterprise, nursery, or producer cooperative.
- Must have an Employee Identification Number (EIN) number or Social Security Number (SSN) for sole proprietors.
Additional information to be provided:
For nonprofits organizations: · Total Cost of Operations for 12 months starting January 30, 2019 For faith-based organizations: · Combined annual operating expenses for all secular services for the last 12 months starting January 30, 2019? For Rental Properties: · Loss of rents due to disaster – (may need to provide proof of loss at a later point)
Next Steps:
- Access the EIDL application through SBA EIDL page to get started