SBA Economic Injury Disaster Loans and Loan Advance


The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for an emergency advance of $10,000 to small businesses and private non-profit organizations affected by COVID-19. In order to receive the advance, you must apply for the Economic Injury Disaster Loan (EIDL) and request the advance at the end of the application process. The loan advance funds will not have to be repaid even if the EIDL application is denied. The EIDLs are up to $2 Million with terms up to 30 years and interest rates of 3.75% for small businesses and 2.75% for non-profits. EIDLs requesting funds up to $200,000 can be approved without a personal guarantee and do not require real estate as collateral.


The following are eligible for SBA disaster loans:

– Business entities with 500 or fewer employees.
– Sole proprietorships, with or without employees.
– Independent contractors.
– Cooperatives and employee owned businesses.
– Tribal small businesses.
– Private non-profits of any size.

In addition, you must have been in business as of January 31, 2020 to be eligible for the loan. You are not eligible for SBA disaster loans if:

– Applicant is engaged in any illegal activity.
– A principal of the applicant with a 50 percent or greater ownership interest is more than 60 days delinquent on child support obligations.
– Applicant is an agricultural enterprise (e.g., farm), other than an aquaculture enterprise, agricultural cooperative, or nursery.
– Applicant presents live performances of a prurient sexual nature or derives directly or indirectly more than de minimis gross revenue through the sale of products or services, or the presentation of any depictions or displays, of a prurient sexual nature.
– Applicant derives more than one-third of gross annual revenue from legal gambling activities.
– Applicant is in the business of lobbying.
– Applicant is a state, local, or municipal government entity or is a member of Congress.

How to Apply

Apply for the EIDL using the following link:

Information Needed for Application

When completing the application, the applicant is only required to fill in information in the boxes with a red *. However, the applicant may fill in all the boxes they feel they have the information for. See below for information required when completing the application:

– Business legal name and trade name (use the same as presented on the applicant’s tax returns).
– EIN or SSN (if the Sole Proprietorship does not have an EIN).
– Organization Type (i.e. S-Corporation, Partnership, etc.) If the applicant is a non-profit organization, use “Other”.
– Gross revenues for the twelve (12) months prior to the date of the disaster (January 31, 2020) (i.e. gross revenues for the period February 1, 2019 through January 31, 2020).
– Cost of goods sold for the twelve (12) months prior to the date of the disaster (January 31, 2020) (i.e. COGS for the period February 1, 2019 through January 31, 2020).
– Primary business address (use the address on the applicant’s tax returns).
– Business phone number.
– Business email.
– Date the business was established.
– Date of the current ownership (i.e. if business was taken over by new ownership; provide the date new ownership began). If there is no new ownership, use same date as business established.
– Business activity and detailed business activity (use the drop-down menus to determine which description best fits your business activity).
– The number of employees the business employed on January 31, 2020.
– If your business is owned by a business entity, you will need the name, address, EIN, business type, phone/email, and ownership percentage of that business entity.
– Individual owner/agent’s following information: First and last name, mobile phone number, owner’s title, ownership percentage (%), owner’s email address, SSN, birth date, place of birth, if owner is a US Citizen or not, and the owner’s residential address.

– You must answer the following questions:
o In the past year, has the business or a listed owner been convicted of a criminal offense committed during and in connection with a riot or civil disorder or other declared disaster, or ever been engaged in the production or distribution of any product or service that has been determined to be obscene by a court of competent jurisdiction?
o Is the applicant or any listed owner currently suspended or debarred from contracting with the Federal government or receiving Federal grants or loans?
o Are you presently subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction?
o Have you been arrested in the past six months for any criminal offense?
o For any criminal offense – other than a minor vehicle violation – have you ever been convicted, plead guilty, plead nolo contendere, been placed on pretrial diversion, or been placed on any form of parole or probation (including probation before judgment)?

– If anyone assists in the completion of the application, whether paid for or not, that person must enter their name, company name, address, phone number and fee (if any).
If you are applying for the loan advance of $10,000, you MUST click the box stating “I would like to be considered for an advance of up to $10,000”.
– You must provide the bank name, bank account number and bank routing number that you want the loan advance funds to be sent to.
– When completing step 4 of the application, you can review your application and make any necessary changes before submitting.
– Once the application is submitted, you will receive an application number. Please print the application number screen for your records. You will be notified through the email address provided for any additional information needed once your application has been processed.