What Does EIDL Stand For & What Is It?
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What EIDL Stands For
What Are Economic Injury Disaster Loans (EIDL)?
Located in a low-income community Experienced a 30% or more reduction in revenue during COVID-19 Have 300 or fewer employees
Have suffered a 50% or more decline in revenues Have 10 or fewer employees
What Are EIDL Loans Used For?
Payroll Rent/mortgage Utilities Other ordinary business expenses
EIDL Advances vs Loans
Considerations When Applying For EIDL Loans
Qualifying
Approval Conditions
Applying
Expiration
Alternatives to EIDL
Long- and short-term loans SBA loans (other than EIDL) Lines of credit
The Takeaway
About the Author
Susan Guillory is the president of Egg Marketing, a content marketing firm based in San Diego. She’s written several business books, and has been published on sites including Forbes, AllBusiness, and Cision. She enjoys writing about business and personal credit, financial strategies, loans, and credit cards. Follow her on Twitter @eggmarketing.
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