What Happens After Your Economic Injury Disaster Loan is Approved?

As of mid-October 2020, the U.S. Small Business Administration (SBA) has approved 3,612,236 Economic Injury Disaster Loans (EIDL) totaling $191,994,805,796. Those numbers likely will rise as the application deadline for EIDL loans is not until December. If you’ve already applied, there is no need to reapply as applications are processed on a first-come, first-serve basis. Those fortunate small businesses that have already received their loan monies can rest easier, but the work may not be over. The SBA is still playing catch-up—accumulating all needed documentation, even after signed loan docs are submitted, and EIDL funds are received.

Under the CARES Act Funding Relief, small businesses affected by the coronavirus pandemic may apply for an EIDL loan of up to $2 million from the federal government through December 21, 2020. (EIDL Advance grants are no longer available). EIDL loans are issued directly from the U.S. Treasury. Businesses can apply directly through the SBA website.

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