How to Get the SBA's Emergency EIDL Grant
EIDL is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. ... SBA resumed accepting new Economic Injury Disaster Loan (EIDL) applications on June 15 to all qualified small businesses, including U.S. agricultural businesses.
By now most small business owners know that the CARES Act, through the Small Business Administration (SBA), offers financial relief through two targeted loan packages—the new Paycheck Protection Program (PPP) and the existing Economic Injury Disaster Loans (EIDL) program.
SBA Opens Up New Grants And Loans For Small Businesses And Independent Contractors: The EIDL Program
On June 15, 2020, the SBA announced that it was again opening up its Economic Injury Disaster Loan (EIDL) grant and loan program. This means that independent contractors, freelancers, and gig workers are eligible to receive a $1,000 grant that does not have to be repaid.
Here's How to Get the Full $10,000 EIDL Grant According to the New Legislation
In March, Congress passed a stimulus package, the CARES Act, in response to the COVID-19 outbreak. The landmark bill has provisions, including the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL), that have offered a lifeline to small businesses grappling with a loss of revenue amid mandatory shutdowns. The EIDL program, managed by the Small Business Administration, offers support to impacted companies, but many don’t realize individuals—freelancers, gig economy workers and independent contractors—also qualify for its loans.
After restricting new applications for a time to only U.S. agricultural businesses, the Small Business Administration (SBA) is now taking new Economic Injury Disaster Loan (EIDL) applications from all eligible small businesses.
ADVERTISER DISCLOSURE Everything to Know About EIDL, the Small Business Loan Program Supposedly Giving out $10,000 Grants
Note: Through April 24, the Small Business Administration has issued $4.8 billion in EIDL advances. However, it is now only accepting new applications from agricultural businesses “due to limitations in funding availability and the unprecedented submission of applications already received.”