Loan applications for the EIDL program received prior to April 16, 2020 will continue to be processed and funded on a first-come, first-received basis. Once those applications are processed, the SBA will reopen the application portal.
To check on the status of your application, please contact the SBA directly at 1-800-659-2955
Economic Injury Disaster Lending (EIDL)
APPLY NOW FOR THE SBA DISASTER ASSISTANCE LOANS AT covid19relief.sba.gov
Indiana and Illinois businesses are now able to apply for the SBA Disaster Loans.
Funds from EIDL Loans can be used for working capital, payroll, accounts payable, inventory, rent and debt payments. It CANNOT be used to payoff or refinance debt.
The interest rate will be 3.75% for businesses and 2.75% for non-profit businesses.
The repayment term will be 30 years.
Loans will be unsecured.
All loans will require the guarantee of the business and owners.