SBA Economic Injury Disaster Loan (EIDL)
Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations may apply for long-term, low-interest loans through the U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL) Program. If your business has suffered substantial economic injury, you may qualify for an EIDL. EIDLs provide working capital to help businesses survive until normal operations resume after a disaster. The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.
Economic Injury Disaster Advance Loan
Applicants who apply for an EIDL loan may request an advance emergency EIDL grant of up to $10,000 from the SBA to cover payroll and other operating costs while your EIDL application is being processed. Funds will be made available within days of a successful application submission and this loan advance does not have to be repaid.
Loan Application Process
Step 1. DETERMINE ELIGIBILITY
To be eligible, applicants must:
- Have suffered and able to demonstrate “substantial economic injury” directly attributed to the event.
- Be unable to meet its obligations and to pay ordinary and necessary operating expenses. EIDLs provide the necessary working capital to help small businesses survive until normal operations resume after a disaster.
- Not have credit available elsewhere.
- Have a good credit history acceptable to SBA.
- Demonstrate the ability to repay all loans.
- Pledge collateral where it is available.
If you are eligible, continue to Step 2.
Step 2. GATHER REQUIRED DOCUMENTS
- Tax Information Authorization (IRS Form 4506T | IRS Form 4506T Instructions), completed and signed by each applicant, each principal owning 20 percent or more of the applicant business, each general partner or managing member; and, for any owner who has greater than 50 percent ownership in an affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management
- Complete copies, including all schedules, of the most recent Federal income tax returns for the applicant business; an explanation if not available
- Schedule of Liabilities listing all fixed debts (SBA Form 2202)
- Monthly Sales Figures (SBA Form 1368)
- Personal Financial Statement (SBA Form 912) completed, signed, and dated by the applicant, each principal owning 20 percent or more of the applicant business, and each general partner or managing member
- Sign the Fee Disclosure Form and Compensation Agreement (SBA Form 159)
Step 3. COMPLETE THE APPLICATION ONLINE BY CLICKING HERE
- If you prefer to complete a hard copy application, download the Business Loan Application (SBA Form 5) by clicking here — or if you are a sole proprietor click here for (SBA Form 5C) — complete it in full, and submit it with the required support documentation by mail or courier to:
U.S. Small Business Administration
Processing & Disbursement Center
Attn: ELA Mail Department
P.O. Box 156119
Fort Worth, TX 76155
For more information about the U.S. SBA EIDL program, click here.
For application status inquiries and/or questions about the EIDL program:
To find out the status of your SBA EIDL application and/or for questions regarding the EIDL program, please contact the SBA at 1-800-659-2955 (TTY: 1-800-877-8339) or firstname.lastname@example.org.
For assistance with completing an application:
Our Florida SBDC disaster recovery specialists provide one-on-one confidential consulting at no cost to help businesses prepare disaster loan applications and assist with other post-disaster challenges. Please note that consultations are taking place via phone call or virtual meeting. Due to the COVID-19 pandemic, we are experiencing high volumes of calls, emails, and requests for consulting. We will work to respond to your request as quickly as possible. We ask that you remain patient during this time and we’ll be in touch with you as soon as possible.
Find your local SBDC office by clicking here.