Eligibility Restored For Economic Injury Disaster Loan Advance
Small Businesses are now eligible for the Economic Injury Disaster Loan Advance
The Small Business Administration’s (SBA) just announced that the Economic Injury Disaster Loan (EIDL) Advance is available to small businesses.
This advance can give your business much needed financial relief.
What You Need To Know
- Your business is now eligible to receive $1,000 per employee up to a maximum of $10,000.
- You do not need to repay this loan advance.
- Your business does not need to qualify for this loan advance.
Questions Your Business Should Consider
- Has my business received a Paycheck Protection Program loan (PPP)?
- Did I complete my original EIDL application correctly?
Yes, I received a PPP. Therefore, your EIDL Advance amount will be subtracted from your PPP loan. That amount will not be eligible for forgiveness.
The Small Business Administration will verify and validate the information in your EIDL application. After that, your advance will auto deposit into your bank.
If there are issues verifying your banking or business information you will receive an email. The email will ask you to update any missing business information.
If there is an issue with your bank information, you will be asked to update your banking information as well.
If you have questions about EIDL or need help navigating the loan process, please contact our office: (540) 868-7093
Our director Christine Kriz is available to answer your questions or point you in the right direction.
In addition, we have created a frequently asked questions page to help you navigate the loan process.