Economic Injury Disaster Loan Programs
25 Sep 2020
All Illinois small businesses can again apply for the EIDL. The SBA is offering low-interest federal disaster loans for working capital to small businesses and non-profit organizations that are suffering substantial economic injury as a result of COVID-19. While the EIDL Advance is no longer available, businesses can still apply for the EIDL loan.
- These loans may be used to pay debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, and that are not already covered by a Paycheck Protection Program loan. The interest rate is 3.75% for small businesses and 2.75% for non-profits. The first payment is deferred for one year.
- EIDL applications that have already been submitted continue to be processed.