SBA Economic Injury Disaster Loan (EIDL), Advance Grant Eligibility, And Questions Answered

For small business owners who apply for an EIDL advance grant, you will be eligible for up to $10,000. This SBA emergency grant is one of the temporary programs designed to offer financial relief as part of the CARES Act.

As of June 15, 2020, the SBA started actively accepting new applications for the EIDL advance grant and loan applications.

Business owners do not have to be approved for a loan to be eligible for the EIDL grant. And, this loan advance will not have to be repaid — it’s 100% forgivable. However; it’s important to understand that if you are approved for an EIDL loan, the amount of the loan advance you received will be deducted from the total loan.

If you have suffered financial hardship due to the coronavirus — there are multiple coronavirus relief options offered by the SBA. These programs are designed to assist small businesses struggling from the economic disruptions due to the ongoing pandemic.

The CARES Act (Coronavirus Aid, Relief, and Economic Security) was passed in late March and is the largest economic bill in U.S. history. As one of several temporary programs, the SBA emergency grant provides much-needed help to get business owners back on their feet during these uncertain times. This EIDL…