The Economic Injury Disaster Loan is a low-interest, long-term business loan underwritten by the federal government. The intent is to help business struggling due to loss of income as the result of a large-scale disaster. For this reason, the applicant must have a fixed presence in a declared disaster area. EIDL loans have been granted within certain geographical areas for hurricanes and earthquakes. COVID-19 being a pandemic, pretty much the entire country qualifies.
- Up to $2 million
- 2.75% – 3.75% interest
- Terms up to 30 years
EIDL loans can be used for
- Paid sick leave to employees unable to work due to the direct effect of COVID-19.
- Maintain payroll
- Increased costs due to supply chain disruption
- Rent or mortgage payments
- Repaying obligations that cannot be met due to revenue loss
Download the SBA’s official EIDL overview
