Continued COVID Relief: Economic Injury Disaster Loans

11/25/2020 3:58 PM | ACRAsphere Blog Team
The Paycheck Protection Program loans may be over, but the Small Business Administration (SBA) is reminding business owners that if you are a small business, nonprofit organization of any size, or a U.S. agricultural business with 500 or fewer employees that have suffered substantial economic injury as a result of the Coronavirus (COVID-19) pandemic, you can still apply for the COVID-19 Economic Injury Disaster Loan (EIDL).

For normal disaster loans, the funds can only be used for losses not covered by insurance or FEMA, or for business operating expenses that could have been met had the disaster not occurred. The COVID-19 EIDLs are a bit different. These loans can be used for working capital and normal operating expenses. The COVID-19 EIDL advance is no longer available, but the loans are - if your business and employees are still experiencing hardship, an EIDL loan is 

ACRA previously did a comparison of the Paycheck Protection Program loans and EIDLs here, and you can get more information on the loan terms, eligibility, and application on the SBA website.

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