We know you have a lot of questions. Your existing bank is the best place for you to start. But here is what we know*:
(EIDL) Economic Injury Disaster Loans
In response to the Coronavirus (COVID-19) pandemic, small business owners, small agricultural cooperatives, and small aquaculture businesses, in all U.S. states, Washington D.C., and territories, are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The U.S. Small Business Administration's Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid.
Economic Injury Disaster Loan Advance
These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 after applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance and may be used to keep employees on the payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions or pay business obligations, including debts, rent, and mortgage payments.
- Eligible applicants include Maryland for-profit businesses impacted by COVID-19 with fewer than 50 employees.
- Eligible uses include working capital to support payroll expenses, rent, mortgage payments, utility expenses, or other similar expenses that occur in the ordinary course of operations.
If you have specific questions about the EIDL & Loan Advance, please visit the Small Business Administration Center's FAQ page.