SBA Economic Injury Disaster Loans Reopen

Regulation | June 17, 2020 | by Brendan Flinn

On June 15, the Small Business Administration announced that it would accept and process new applications for Economic Injury Disaster Loans (EIDLs) and the $10,000 EIDL advance that organizations can receive from SBA on an expedited basis. LeadingAge members who applied previously and were not funded may seen loan funds arrive this week.

On June 15, the Small Business Administration announced that it would accept and process new applications for Economic Injury Disaster Loans (EIDLs) and the $10,000 EIDL advance that organizations can receive from SBA on an expedited basis.

SBA stopped accepting EIDL applications in April. At that point, SBA also said that any applicants who applied before the application closure would have their loans processed on a first-come, first-serve basis and with a maximum loan amount of $150,000. In May, SBA announced that it would start taking EIDL applications from agricultural applicants only. LeadingAge members who applied previously and were not funded may seen loan funds arrive this week.

The June 15 announcement formally reopens the EIDL application to all applicants, including not-for-profit aging services providers. We believe the EIDL limit of $150,000 remains in place.

Prospective EIDL applicants can access the application portal at this link: https://covid19relief.sba.gov/

LeadingAge published a high-level summary of the EIDL application in March. Members should know that organizations can borrow from both the Paycheck Protection Program (PPP) and from the EIDL, but can only receive forgiveness for either the PPP loan or the $10,000 EIDL advance.