DORAL, FL – The U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal aimed at small businesses affected by the coronavirus.
“The SBA is strongly committed to working around the clock, providing dedicated emergency assistance to the small businesses and non-profits that are facing economic disruption due to the COVID-19 impact,” SBA Administrator Jovita Carranza said in an announcement reported by Business Weekly.
“With the reopening of the EIDL assistance and EIDL Advance application portal to all new applicants, additional small businesses and non-profits will be able to receive these long-term, low interest loans and emergency grants — reducing the economic impacts for their businesses, employees and communities they support.”
Businesses that have up to 500 employees can submit an application to receive up to $10,000 non-returnable incentive plus a loan that can be repaid in 30 years. Eligible candidates may also apply for additional aid through the Paycheck Protection Program (PPP).
The deadline to apply for the EIDL is December 18, while applications for the PPP will be received until June 30, 2020. This specific program may be used to pay 60 percent of a company’s workers salaries.
“Small businesses can use the granted money for the company’s expenses in order to continue operating,” explained to Univision 23 Victoria Guerrero, director of the southern district of the federal agency for small business.
According to statistics from the SBA, Florida ranks fourth in the approval of these applications.
For additional information or resources about this, check the SBA website.