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The Economic Injury Disaster Loan (EIDL) program is a government-issued loan program for small businesses in states that have been impacted by the coronavirus. Unlike other Small Business Administration (SBA) loan programs, applications are only available through the SBA disaster loan website. The SBA estimates that it will take around two hours to complete.
The SBA made a few changes to the COVID-19 EIDL in September 2021 to help companies cope with the Delta variant. Changes include:
The SBA will only be accepting applications for loans up to $500,000 until October 8, 2021. After that point, applications will be available for large loan amounts and businesses that have already received EIDL funding under $2 million.
The SBA and Coronavirus Aid, Relief and Economic Security (CARES) Act expanded eligibility for this loan program since it was first launched.
Making mistakes can get your application thrown out and waste valuable time. If this is your first time applying for government financing, consider reaching out to your local Small Business Development Center (SBDC), which can offer free assistance.
Many banks are also offering customers assistance with SBA disaster loan applications, though you still have to apply through the disaster loan website.
Go to the coronavirus disaster loan application on the SBA disaster loan website. Make sure it’s the application for businesses affected by the coronavirus — there’s a separate application for other SBA disaster loans.
It should say COVID-19 Economic Injury Disaster Loan Application at the top.
The SBA has changed its process a few times for these disaster loans since the start of the outbreak, so don’t skip this section. This is where you’ll find the most up-to-date information on your legal responsibility and how long it’s expected to take.
Select the option that describes your business — if none apply, you’re ineligible for a disaster loan.
Then, answer the eligibility questions about your business. If you answer “yes” to any question, you’re ineligible for an SBA disaster loan — with an exception for businesses that have filed for bankruptcy but are still operating.
Generally, you and your business must meet these criteria:
Then, click Continue.
In this section, you’ll provide basic information about your business.
Fill in the fields with the following information about your business’s name and legal status:
Follow the instructions to enter the address business location that you included in your 2019 tax returns. If you didn’t file for taxes in 2019, then use the business address from your 2020 tax returns. This address cannot be a PO Box.
If the address is the same as your mailing address, check the box to automatically fill out the mailing address section of the application. Otherwise enter your business’s mailing address — which can be a PO Box.
In this section you’ll add more basic information about your business:
In this section, you need to provide information about your business’s finances. You’ll need your 2019 and 2020 tax returns handy for this section. Where to find the numbers you need depends on your business structure.
Self-employed | Line 1 of IRS Form 1040 Schedule C | Line 4 of IRS Form 1040 Schedule C | Not applicable |
Self-employed (agriculture) | Line 9 of IRS Form 1040 Schedule F | Not applicable | Line 33 of IRS Form 1040 Schedule F |
S-Corporation | Line 1a of IRS Form 1120-S | Line 2 of IRS Form 1120-S | Not applicable |
C-Corporation | Line 1a of IRS Form 1120 | Line 2 of IRS Form 1120 | Not applicable |
Cooperatives | Line 1a of IRS Form 11201-C | Line 2 of IRS Form 11201-C | Not applicable |
Partnerships | Line 1a of IRS Form 1065 | Line 2 of IRS Form 1065 | Not applicable |
Privately owned nonprofit | Line 12 of IRS Form 990 | Not applicable | Line 18 of IRS form 990 |
Privately owned nonprofit (using EZ form) | Line 9 of IRS Form 990-EZ | Not applicable | Line 17 of IRS Form 990-EZ |
After you fill out the required information for this part of the application, the form will automatically calculate the amount you’re eligible to apply for. Under Applicant requested loan amount, enter any number of that amount or lower under. Then hit Next to continue.
Fill in the fields with the following information:
Answer the following questions about when your business was founded and its operations:
After finishing this section, click Next.
In this section, you’ll provide information about business owners and any business entities that own it.
First, answer: Is your Business owned by a business entity?
If you check No, skip ahead to the Individual owner or agent section. Otherwise, check Yes and provide the following information about that entity:
The business entity is also required to sign a guarantee on your loan.
You’ll need to fill out this section for each business owner. Provide the following information:
To add another owner, click Add Additional Owner. Otherwise, click Next.
If you filled the application out on your own, skip this step. But if you signed up for assistance from a bank, SBDC or received any other form of help from an individual, provide the following information:
Check Yes to allow the SBA to contact the person you received assistance from.
Provide the following information for the account where you’d like the SBA to send the funds:
Then, read the certifications and review the penalties for misapplying the loan. Check the box verifying the information you provided is true. Click Next.
Read over the information you entered on your application to make sure it’s correct. Click the Edit button if you need to make any changes.
Check the box certifying that you’re not a robot and click Submit.
You should receive a notification confirming that you’ve submitted your application, giving you an application number. Take a screenshot of this number or write it down for reference.
Some business owners have reported not receiving a confirmation email. Having your application on hand can make it easier if you reach out to customer service — which can be reached at 800-659-2955 or disastercustomerservice@sba.gov.
The SBA will then notify you through the email address you provided when you’ve been approved or denied.
The EIDL is one of the only federal COVID-19 assistance programs still accepting applications. But you may still be able to find funding through your state and local government. The best way to find options available to you is to set up an appointment with an SBA affiliate like an SBDC. These offer free advice and help you decide which programs are worth your effort.
Like other COVID-19 relief programs, the EIDL can take weeks to fund. Some of these providers offer financing in as little as 24 hours to cover expenses while you wait for approval. While they may be more expensive than an EIDL, the SBA now allows you to use disaster loan funds to pay off business debt. Even debt you take on after applying for an EIDL.
Fill out the form with information about yourself and your business to compare lenders you might qualify for.
The Economic Injury Disaster Loan available to small businesses affected by the coronavirus outbreak has a more streamlined application process than typical SBA disaster loans.
Read our guide on how to finance your business during the coronavirus outbreak for more options. Or, check out our guide to small business loans.
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