MENU Back to all topics /Funding Programs/Loans/COVID-19 relief options/COVID-19 Economic Injury Disaster Loan/COVID-19 EIDL COVID-19 EIDL This federal small business loan program supports small businesses’ recovery from the COVID-19 disaster’s economic impacts by providing accessible and borrower-friendly capital. Content Notice: COVID EIDL deadline approaching Multilingual COVID EIDL information Loan details Application process Loan eligibility Existing borrowers Beware of fraud and ID theft Supporting resources Contact us Virtual office hours Notice: COVID EIDL deadline approaching Program Deadline COVID-19 Economic Injury Disaster Loan COVID-19 Economic Injury Disaster Loan applications will be accepted until December 31, 2021. We will continue processing applications after the deadline, including reconsiderations. We are unable to accept new applications after the deadline. Targeted EIDL Advance Targeted EIDL Advance applications will be accepted until December 31, 2021. We will continue processing applications after the deadline, including reconsiderations. We cannot accept new applications after the deadline. Supplemental Targeted Advance Supplemental Targeted Advance applications will not be accepted or processed after December 31, 2021, including reconsiderations. We strongly encourage eligible small businesses to apply as soon as possible, but no later than December 10, 2021. SBA will accept and review reconsideration and appeal requests for COVID EIDL applications received on or before December 31 if the reconsideration/appeal is received within the timeframes in the regulation. This means six months from the date of decline for reconsiderations and 30 days from the date of reconsideration decline for appeals – unless funding is no longer available. Borrowers can request increases up to their maximum eligible loan amount for up to two years after their loan origination date, or until the funds are exhausted, whichever is soonest. Multilingual COVID EIDL information Applications must be submitted in English. We provide documents in 17 different languages to help you understand eligibility requirements, fill out applications, and answer frequently asked questions. Español العربية 中文简体 中文繁軆 Français Deutsche ગુજરાતી Kreyòl Ayisyen हिन्दी भाषा Italiano 日本語 한국어 Polski Português русский Tagalog Tiếng Việt Loan details START THE APPLICATION PROCESS In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for the COVID-19 Economic Injury Disaster Loan (EIDL). FAQ regarding COVID-19 EIDL Product Loan directly from SBA that must be repaid; low-interest, fixed-rate, long-term loan to help overcome the effects of the pandemic by providing working capital to meet operating expenses Uses of Proceeds Working capital to make regular payments for operating expenses, including payroll, rent/mortgage, utilities, and other ordinary business expenses, and to pay business debt incurred at any time (past, present, or future) Maximum Loan Amount $2 million. Note: SBA will begin approving loans greater than $500,000 on October 8, 2021. Loan Term 30 years Interest Rate Businesses: 3.75% fixed Private nonprofit organizations: 2.75% fixed Payment Deferment Payments are deferred for the first 2 years (during which interest will accrue), and payments of principal and interest are made over the remaining 28 years. No penalty for prepayment. Fees For loans $25,000 or less: No fees if applying directly through SBA For loans greater than $25,000: One-time $100 fee for filing a lien on borrower’s business assets plus costs to file lien on real estate when applicable For loans greater than $500,000 where SBA is taking real estate as collateral: One-time $100 fee for filing a lien on borrower’s business assets. Additionally, the borrower will be responsible for recording the real estate lien and paying the associated fees. Collateral Required for loans greater than $25,000 Personal Guaranty Required for loans greater than $200,000 Apply for a Loan Complete your online COVID EIDL application. Apply for an Increase Complete your request for an increase in your COVID EIDL portal. Program updates As of September 8, 2021, new COVID EIDL policy changes have taken effect that entail the below updates to the program: Maximum loan cap increased from $500,000 to $2 million Use of funds was expanded to include payment and pre-payment of business non-federal debt incurred at any time (past or future) and payment of federal debt Extend the deferment period to 24 months from origination for all loans (existing loans with a less than 24-month deferment will be adjusted) Affiliation requirements simplified to an affiliate is a business that you control or in which you have 50% of more ownership Developed additional path to meet program size standards for businesses assigned a NAICS code beginning with 61, 71, 72, 213, 3121, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812 Exclusivity Period: From September 8, 2021, to October 8, 2021, the above policy changes will be applicable to applications for <$500K while applications for >$500K will not be approved and therefore receive the policy changes until October 8, 2021 See more details on the COVID-19 September 8, 2021 Policy Changes. Application process For any stage of application, please review the below supporting documents to navigate the application process: FAQ Regarding COVID-19 EIDL Intake Application Form Checklist Intake Form Example Portal Walk-Through Checklist New loan If the small business is a first-time COVID EIDL applicant, complete the following steps to apply: Confirm eligibility (review FAQs and below Loan Eligibility section). Complete Intake Form. Sign up to create portal username via SBA email invite. Complete portal steps and submit relevant documents. Respond to SBA requests for signature, confirmation, and documents. The average SBA decision timeline for $500,000 or under is several weeks. Increased loan If the small business has already obtained a loan via COVID EIDL before and does not already have an outstanding loan increase application in process, complete the following steps to apply for a loan increase: Confirm Eligibility (review FAQs and below Loan Eligibility section). Log onto Account on SBA Portal (do not apply for another loan) to submit loan modification. Complete portal steps and submit relevant documents. Respond to SBA requests for signature, confirmation, and documents. The average SBA decision timeline for $500,000 or under loans is several weeks. Loan greater than $500K to $2 million For loans above $500K, you must include all additional documents for your application to be submitted (see list of required documents below). For loans greater than $500,000, applications will not be approved until after the exclusivity period ends on October 8, 2021, but applications can be submitted before then. Applicants can choose to apply for $500,000 or under immediately and then for over $500,000 funds after the exclusivity period ends, or they can choose to apply immediately for all desired funds above $500,000 and have their application wait for approval starting October 8, 2021. The average SBA decision timeline for greater than $500,000 loans is one and a half months. Required documents For loans of all sizes, federal income taxes, IRS Form 4506-T, and ODA Form P-022-Standard Resolution are required. For loans greater than $500,000, the following additional documents will be solicited: SBA Form 2202 – Schedule of Liabilities SBA Form 413 – Personal Financial Statement List of Real Estate Owned (template on intake form) For all loans, additional verification documentation may be solicited by the SBA through the review process Loan eligibility To obtain a loan via COVID EIDL, small business owners must meet the eligibility requirements outlined in Section 2 of the FAQS. Additionally, below are the credit score requirements: $500,000 or under: 570 greater than $500,000: 625 Small businesses must qualify for a certain loan amount by completing the economic injury formula which takes into account two years’ worth of revenue and cost of goods sold to produce an eligible loan amount. Review Section 2 of the FAQS and the Intake application form checklist for more details IRS Tax Authorization Form 4506-T Applicants are required to submit a signed and dated Form 4506-T authorizing the IRS to release business tax transcripts for SBA to verify their revenue. If you have previously submitted a Form 4506-T for an SBA loan or grant, you are still required to submit a new version for your COVID EIDL loan or loan increase. Form 4506-T is only valid for 120 days. If the form in your file is nearing expiration, your loan officer may request a new one. To avoid problems, please review these tips for preparing your IRS Tax Authorization Form 4506-T. Supplemental materials FAQ Regarding COVID-19 EIDL Cross-program eligibility on SBA COVID-19 relief options FAQ Regarding Participation of Faith-Based Organizations in PPP and EIDL FAQ Regarding Agricultural and Farm Loan Collateral Security and the SBA EIDL Program COVID-19 EIDL Loan Application START THE APPLICATION PROCESS Existing borrowers Existing borrowers can create an account in the SBA Capital Access Financial System (CAFS) to monitor their loan status. Get account enrollment instructions. Beware of fraud and ID theft Report suspected EIDL ID theft Beware of scams and fraud schemes For lenders: SBA Information Notice on Guidance Regarding Identification and Reporting of Suspicious Activity in the COVID-19 EIDL Program Supporting resources FAQ Regarding COVID-19 EIDL Intake Application Form Checklist Intake Form Example Portal Walk-Through Checklist COVID-19 September 8, 2021 Policy Changes Subordination submission process Contact us For help with EIDL, call 833-853-5638 (TTY: 855-440-4960) or email disastercustomerservice@sba.gov. For help with Targeted EIDL Advance, email TargetedAdvance@sba.gov. The COVID-19 EIDL Customer Service Center is open 8:00 am to 8:00 p.m. ET, seven days a week. Virtual office hours SBA will host virtual office hours to provide information about the EIDL program. Use the link below to log in at the designated time. Wednesday, November 17, 2021 - 3:00 p.m.-4:00 p.m. ET Next EIDL Advance programs What We Do SBA Performance Contact SBA SBA Team FOIA Privacy Policy Newsroom Inspector General SBA en Español Sign up for SBA email updatesSUBSCRIBE U.S. Small Business Administration409 3rd St, SW. Washington DC 20416