SBA EIDL and Advance Program reopened to eligible small businesses and non-profits impacted by COVID-19

As small businesses struggle to keep their doors open in the face of the coronavirus pandemic, more economic assistance is now available. The U.S. Small Business Administration recently reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to small businesses and non-profits facing economic disruption due to the COVID-19 impact.

With the reopening of the EIDL assistance and EIDL Advance application portal to all new applicants, additional small businesses and non-profits will be able to receive the long-term, low-interest loans, and emergency grants. The loans can provide vital economic support to help alleviate the temporary loss of revenue. EIDL assistance can be used to cover payroll and inventory, pay debt, or fund other expenses. The EIDL Advance also will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses currently experiencing temporary difficulties. What’s more, the emergency grants do not have to be repaid.

The SBA is also assisting small businesses and non-profits with the Paycheck Protection Program, which is accepting applications until June 30. For additional information, please visit the SBA disaster assistance website here..

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The League of Southeastern Credit Unions & Affiliates represents 302 credit unions in Alabama, Florida and Georgia, with a combined total of $175 billion in assets and more than 11.6 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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