To check on the status of your application, please contact the SBA directly at 1-800-659-2955

 

PLEASE NOTE THAT EIDL GRANTS ARE NO LONGER AVAILABLE AS OF 7/11/2020.

THE EIDL PROGRAM IS STILL OPEN FOR LOAN ONLY APPLICATIONS

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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.

SBA Economic Injury Disaster (EIDL)  Loans Paycheck Protection Program (PPP) Loans
Maximum loan amount UP TO $10,000 cash up-front and UP TO $15,000 in a loan, for a total of $25,000 per business $10,000,000
Debt forgiveness portion UP TO $10,000 8 weeks of the following:  any covered payroll costs + any covered rent obligation + any covered utility obligation + payment of interest on any covered mortgage obligation (but not loan principal).  PAYROLL MUST ACCOUNT FOR 75% OF THE FORGIVEN LOAN AMOUNT
Interest rate 3.75% 1%
Loan term 30 years 2 years
Loan fees NONE NONE
Allowable uses of proceeds * Rent * Rent
* Utilities * Utilities
* Payroll * Interest on mortgage loans (not principal)
* Term debt payments * Interest on term debt (not principal)
* Payment of accounts receivable * Payroll
* Working capital
Collateral Unsecured Unsecured
Personal guarantees Required for owners No personal guarantee required
Prepayment penalty None None
Grace period No payments due for one year from date of note No payments due for 6 months from date of note
Additional requirements N/A Small business MUST mainatin their employees at their current base pay otherwise the amount eligible for forgiveness will be decreased.  See loan guidelines for specific details
Application Forms covid19relief.sba.gov Your local financial institution
FAQ
Can I receive both an SBA Economic Injury Disaster Loan and a Paycheck Protection Program Loan?
Yes.  However, the two loans cannot duplicate uses of funds.  For example, you cannot include the 8 weeks of payroll costs received from
the PPP loan in your EIDL loan.
If I received an SBA Economic Injury Disaster Loan can I refinance it into a Paycheck Protection Loan?
Yes. If you received an EIDL loan related to COVID-19 between January 31, 2020 and the date at which the PPP becomes available, you would be able to
refinance the EIDL into the PPP for loan forgiveness purposes. However, you may not take out an EIDL and a PPP for the same purposes. Remaining portions
of the EIDL, for purposes other than those laid out in loan forgiveness terms for a PPP loan, would remain a loan. If you took advantage of an emergency EIDL
grant award of up to $10,000, that amount would be subtracted from the amount forgiven under PPP.