SBA reopens economic injury disaster loans

KELOLAND.com Original

SIOUX FALLS, S.D. (KELO) — COVID-19 is still impacting people and small businesses throughout the country. To help with economic loss, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal.

SBA’s EIDL program offers long-term, low interest assistance for a small business or non-profit, and these loans can provide vital economic support to help alleviate temporary loss of revenue, according to an email sent by SBA.

“The SBA is strongly committed to working around the clock, providing dedicated emergency assistance to the small businesses and non-profits that are facing economic disruption due to the COVID-19 impact,” SBA Administrator Jovita Carranza said in a news release.

EIDL assistance can be used to cover:

  • payroll
  • inventory
  • debt
  • other expenses

The email sent further states that the EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are experiencing temporary difficulties, and these emergency grants do not have to be repaid.

The Small Business Administration is also assisting small businesses and non-profits with the Paycheck Protection Program. That program is accepting applications until June 30, 2020.

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