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People also ask
How do I apply for an EIDL loan?
According to the SBA鈥檚 EIDL Application Checklist, in order to apply for an EIDL loan, you鈥檒l need to submit After submitting an application through the SBA portal, you鈥檒l receive a loan quote. It鈥檚 important to note that the quote is NOT an approval鈥攁nd it doesn鈥檛 necessarily reflect how much your EIDL loan will be.
What is the EIDL program?
The EIDL program is a disaster relief fund administered through the U.S. Small Business Administration (SBA). The SBA Economic Injury Disaster Loan program provides emergency loans to small businesses facing economic hardship and challenges as the result of a declared disaster鈥攍ike the COVID-19 pandemic.
Are EIDL loans forgivable?
Unlike PPP loans, EIDL loans are not forgivable; borrowers will need to pay back the full loan amount plus interest. But one major selling point for businesses in need of funding? EIDL loans offer much more competitive terms than traditional loan options.
Is the SBA still accepting EIDL applications?
Currently, the EIDL is accepting new applications and approving new loans. The SBA plans to continue accepting new EIDL applications through December 2021 (pending the availability of funds). What is the application process for EIDL loans?