How Long Does It Take to Get EIDL Funds After Approval?
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What Is the EIDL Loan?
3.75% for businesses 2.75% for nonprofits
Who Should Apply?
How Much Can I Get in EIDL Funds?
What Can I Use an EIDL Loan For?
Payroll Healthcare benefits for employees Rent Utilities Fixed debt payments Repairs Replacing inventory Prepaying commercial debt Paying federal business debt
Getting Approved for EIDL Funds
Questions about your business, including its name, address, and Employer Identification Number (or Social Security Number if it’s a sole proprietorship) Annual revenues for the 12 months before the disaster The cost of goods The number of employees you have
How Long Does It Take to Receive EIDL Funds After Approval?
Step 1: Gather your information, including revenues and business details Step 2: Apply for the EIDL loan online. It may take over two hours, so plan enough time. Step 3: Wait for the SBA to review your application. (Remember that if you are applying for more than $500,000, your application will not be considered between Sept. 8, 2021 and Oct. 8, 2021.) Step 4: Review your offer and sign the loan agreement. Step 5: Wait for the funds to be deposited (5-10 business days)
Do I Have to Repay an EIDL Loan?
Be in a low-income community Demonstrate more than a 30% reduction in revenue over an eight-week period starting on March 2, 2020 or later Have 300 or fewer employees Be in a low-income community Demonstrate more than a 50% reduction in revenue over an eight-week period starting on March 2, 2020 or later Have 10 or fewer employees
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