SBA reopens disaster loan program

The U.S. Small Business Administration has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to the COVID-19 pandemic, according to the organization. The portal will take applications from new applicants, additional small businesses, and nonprofits for long-term, low-interest loans and emergency grants in order to reduce the economic impacts for their businesses and employees.

EIDL assistance can be used to cover payroll and inventory, pay debt, or fund other expenses. Additionally, the EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief in the form of grants.

SBA has made numerous improvements to the application and loan closing process, including deploying new technology and automated tools.