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SBA Reopens EIDL Loan Program with $10,000 Advances

Date: June 23, 2020

The Small Business Administration (SBA) has accepted applications again for the Economic Injury Disaster Loans (EIDL). The EIDL program was originally provided with $10 billion in funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, but the SBA was forced to suspend the program back in April after exhausting its funds. As of June 15, applicants can request an advancement of $1000 per employee up to $10,000, regardless of whether their application is approved, and will not need to repay the amount received.

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