Business owners can now apply for a SBA Economic Injury Disaster Loan online in the Disaster Loan Application Portal at https://disasterloan.sba.gov/ela/
Substantial economic injury means the business is unable to meet its obligations and to pay its ordinary and necessary operating expenses. EIDLs provide the necessary working capital to help small businesses and eligible organizations survive until normal operations resume after a disaster.
The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. The loan amount will be based on actual economic injury and the company’s financial needs.
Eligibility and Terms
The interest rate on EIDLs will not exceed four percent per year. The term of these loans will not exceed 30 years.
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