Economic Injury Disaster Loan Emergency Advance

Economic Injury Disaster Loan Emergency Advance

This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. This loan advance will not have to be repaid. If you need assistance with the application, please text us at 347-789-7748 or schedule an online appointment.

Overview

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid. If you need assistance with the application, please text us at 347-789-7748 or schedule an online appointment.

Eligibility

The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic. 

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid. 

To apply for a COVID-19 Economic Injury Disaster Loan and loan advance, click here. If you need assistance with the application, please text us at 347-789-7748 or schedule an online appointment.

STREAMLINED PROCESS REQUIREMENTS

The SBA will collect information in order to make a loan under SBA’s Economic Injury Disaster Loan Program to the qualified entities listed below that are impacted by the Coronavirus (COVID-19). The information will be used in determining whether the applicant is eligible for an economic injury loan.

ELIGIBLE ENTITY VERIFICATION (one must apply)

• Applicant is a business with not more than 500 employees.
• Applicant is an individual who operates under a sole proprietorship, with or without employees, or as an independent contractor.
• Applicant is a cooperative with not more than 500 employees.
• Applicant is an Employee Stock Ownership Plan (ESOP), as defined in 15 U.S.C. 632, with not more than 500 employees.
• Applicant is a tribal small business concern, as described in 15 U.S.C. 657a(b)(2)(C), with not more than 500 employees.
• Applicant is a business, including an agricultural cooperative, aquaculture enterprise, nursery, or producer cooperative, that is small under SBA Size Standards found at https://www.sba.gov/size-standards.
• Applicant is a business with more than 500 employees that is small under SBA Size Standards found at https://www.sba.gov/size-standards.
• Applicant is a private non-profit organization that is a non-governmental agency or entity that currently has an effective ruling letter from the IRS granting tax exemption under sections 501(c),(d), or (e) of the Internal Revenue Code of 1954, or satisfactory evidence from the State that the non-revenue producing organization or entity is a non-profit one organized or doing business under State law, or a faith-based organization.

Coronavirus Relief Options

If you need assistance with the application, please text us at 347-789-7748 or schedule an online appointment.