SBA Approving Economic Injury Disaster Loans (EIDLs): What You Need To Know

Small businesses applied for Economic Injury Disaster Loans (EIDL) in droves when they became available on March 30th.  Normally, these loans only provide assistance after natural disasters like tornadoes, wildfires or floods, but when President Trump declared Covid-19 a nationwide emergency on March 13th, the door opened for small businesses across the country to seek emergency financing. With uncertain prospects ahead, business owners saw the program’s maximum $10,000 advance as a way to tide their companies over until the effects of Covid-19 were under control. Read full Forbes article