COVID-19 Economic Injury Disaster Loan
The U.S. Small Business Administration (SBA) offers disaster assistance through low-interest loans to businesses affected by COVID-19 through the Economic Injury Disaster Loan (EIDL). Since launching the program, the SBA has experienced a large volume of applications.
The SBA has resumed processing EIDL applications that were submitted before the portal stopped accepting new applications on April 15 and will be processing those applications on a first-come, first-served basis. On June 15, SBA began accepting new EIDL and EIDL Advance applications from qualified small businesses and U.S. agricultural businesses.
Economic Injury Disaster Loan
- EIDL terms can be up to 30 years at 3.75 percent
- The program still includes the opportunity to get an advance; equal to $1,000 per employee of the business up to a maximum of $10,000.
- Loan amounts could be capped at $2,000,000
Contact the Economic Development Team
If you need assistance, please contact Flint & Genesee Economic Development team.
The Michigan Small Business Development Center also has information on how to get prepared to apply and how to navigate supporting your loan. The MI-SBDC also hosts COVID-19 Small Business Support Webinars. Visit MI-SBDC for more information.
There will be no physical “hubs” as typical in disaster relief efforts; businesses should work directly with their local SBDC in whatever capacity set up by that office.