SBA Reopens the Economic Injury Disaster Advance Loan
In response to the Coronavirus pandemic, Congress passed the Coronavirus Aid, Relief, and Economic Security Act. The Act allows businesses with less than 500 employees to apply for a Small Business Administration Economic Injury Disaster Loan of up to $2 million. These loans include advance of up to $10,000 that does not have to be repaid.
In May, the SBA essentially shutdown the EIDL program, limiting the loans to “[a]gricultural businesses [which] includes those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries.” Yesterday, the SBA announced that it would be “reopening … the EIDL assistance and EIDL Advance application portal to all new applicants.”