Important EIDL Deadlines: COVID-19 Economic Injury Disaster Loan
- As of January 1, 2022, we are not able to accept applications for new COVID EIDL loans or Advances.
- The deadline to request a loan increase or reconsideration is May 6, 2022.
- The COVID-19 EIDL portal (covid19relief1.sba.gov, also known as the “RAPID portal”) will close on May 16, 2022. Borrowers should download their loan documents from the portal prior to this date.
The COVID-19 Economic Injury Disaster Loan (EIDL) and EIDL Advance programs provide funding to help small businesses recover from the economic impacts of the COVID-19 pandemic. There are two types of COVID EIDL funding:
- COVID EIDL loan funds may be used for working capital and other normal operating expenses.
- These loans are not forgivable and must be repaid
- Requirements vary depending on the size of the loan
- Loan increases are available until funds are exhausted
- The EIDL Advance funds are awarded to existing COVID EIDL applicants who meet certain criteria.
- Advances are like grants, but without typical U.S. government grant requirements
- EIDL Advances do not need to be repaid
Article Courtesy of the Small Business Administration