The deadline to apply for the COVID Economic Injury Disaster Loan (EIDL) is Friday, December 31, 2021. COVID EIDL is a low-interest, fixed-rate, long-term loan made by the U.S. Small Business Administration (SBA) to help small businesses and other entities overcome the effects of the pandemic by providing borrowers with working capital to meet ordinary and necessary operating expenses.
- EIDL loan and Targeted Advance applications (see eligibility terms below) will be accepted until December 31 and will continue to be processed after this date until funds are exhausted.
- Supplemental Targeted Advance applications (see eligibility terms below) will be accepted until December 31; however, the SBA may be unable to process some Supplemental Targeted Advance applications submitted near the December 31 deadline due to legal requirements. The SBA cannot continue to process Supplemental Targeted Advance applications after December 31.
- 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.
- The 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
Targeted EIDL Advance and Supplemental Targeted Advance Eligibility
A COVID EIDL loan is a loan that must be repaid. However, the COVID EIDL program also offers two types of “advances” that do not have to be repaid.
- Targeted EIDL Advance: If you are located in a low-income community, have 300 or fewer employees, and suffered greater than 30% reduction in revenue, you may be eligible for up to $10,000.
- Supplemental Targeted Advance: If you are located in a low-income community, have 10 or fewer employees, and suffered greater than 50% reduction in in revenue, you may be eligible for an additional $5,000 Supplemental Targeted Advance, for a total of $15,000 in Advances.
For assistance with EIDL, call 833-853-5638 or email disastercustomerservice@sba.gov. For help with the 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.
Learn more at www.sba/gov/eidl or review the COVID EIDL FAQs published by SBA. The application process needs to be completed by the borrower online at SBA’s website. If you have questions about COVID EIDL loans or need assistance applying for a loan, please contact a member of our COVID-19 response team at covid19team@tsacpa.com.
