SBA Still Accepting EIDL Applications
Aug. 25, 2020—The Small Business Administration (SBA) is still accepting applications from small businesses for the Economic Injury Disaster Loan (EIDL).
According to an SBA press release, eligible small businesses, private non-profits, and agricultural businesses are still able to apply for the loan. The SBA resumed accepting applications for the EIDL back on June 15.
While the EIDL is still accepting applications, the EIDL Advance, however, has been officially discontinued because all of the available funds have been allocated.
The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to COVID-19. EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments.