The Small Business Administration’s (SBA) Economic Injury Disaster Loans (EIDLs) may be your best shot at obtaining support. Businesses in every state and territory are eligible to apply for Economic Injury Disaster loans. If you applied before the CARES Act passed, you may have been rejected because Coronavirus-related economic impact did not yet qualify for SBA Disaster Loan Assistance. Don’t let that stop you from reapplying.

EIDL terms:

  • Loans up to $10M
  • 30 year term
  • 1% interest rate for small business
  • First month’s payment deferred a full year from the date of the promissory note.


  • EIDLs can be approved by the SBA based solely on the applicant’s credit score (not your ability to repay and no tax return required). A prior bankruptcy will not disqualify you.
  • EIDLs smaller than $200,000 can be approved without either a personal guarantee or real estate as collateral, and will take a general security interest in business property.
  • Borrowers can receive $10,000 in an emergency grant cash advance – forgiven if spent on paid leave, maintaining payroll, increased costs due to supply chain disruption, mortgage or lease payments, or repaying obligations that cannot be met due to revenue loss.
  • Access to these loans also available to sole proprietors or independent contractors.