Economic Injury Disaster Loan (EIDL)
In response to the Coronavirus (COVID-19) pandemic, small business owners currently experiencing a temporary loss of revenue are able to apply for an EIDL Advance of up to $10,000.
This loan advance will not have to be repaid. Recipients do not have to be approved for a loan in order to receive the advance, but the amount of the loan advance will be deducted from total loan eligibility. On June 15, SBA began accepting new EIDL and EIDL Advance applications from qualified small businesses and U.S. agricultural businesses.
Express Bridge Loan Pilot program
The Express Bridge Loan Pilot program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.Learn More
These loans can help overcome the temporary loss of revenue they are experiencing and can be a term loan or used to bridge the gap while applying for EIDL. If a small business has an urgent need for cash while waiting for decision and disbursement on EIDL, they may qualify for an SBA Express Disaster Bridge Loan.
SBA Debt Relief
As part of the coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020.Learn More
This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans. Borrowers do not need to apply for this assistance. For current SBA Serviced Disaster (Home and Business) Loans: If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020.