SBA Economic Injury Disaster Loan
CARES Act Expands Economic Injury Disaster Loan Program
Pentacle remains dedicated to continuing to provide a high level of support to artists during these extraordinary circumstances. Alongside many other key and respected organizations in the field, we have begun accumulating and curating resources for artists and organizations experiencing income loss and other troubles as a result of the COVID-19 crisis. Find our list of resources here.
UPDATE: SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act expands the Small Business Administration’s long-standing Economic Injury Disaster Loan Program (EIDL). The SBA is offering loans of up to $2 million to help small businesses overcome the temporary loss of income due to COVID-19. Advances of up to $10,000 can be procured if approved.
EIDL’s are intended for small organizations that need cash fast to save your business from folding (historically, these types of loans are given out to businesses hit by a natural disaster of some type). This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors, and self-employed persons), private non-profit organizations, or 501(c)(19) veterans organizations affected by COVID-19.
Designated states and US territories are eligible for these low-interest federal disaster loans. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. The first round of funding was set aside for the EIDL has been exhausted, but with the new COVID-19 relief package passing, SBA will continue processing the Economic Injury Disaster Loans.
For a step by step walkthrough on how to apply, check out Gusto’s website for a comprehensive guide to help you through the process. Click here for a quick overview of EIDL from the US Chamber of Commerce. Click here to apply. For questions, please contact the SBA disaster assistance customer service center directly at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.
nextSteps | 05.07.20
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