The Economic Injury Disaster Loan 7(b) is a loan provided by the Small Business Administration that offers economic help to small businesses and nonprofit organizations throughout the entire country that are currently experiencing a temporary loss of revenue. During the COVID-19 pandemic this loan relief option granted thousands of businesses the opportunity to keep their business afloat by providing them with working capital to cover their current needs.
The SBA currently is still accepting loan applications for this type of loan, however, this is subject to change at any given time depending on the funds available. Therefore, it is super important to check their website for the most up to date information prior to applying for EIDL loan.
The SBA also offers the EIDL Advance. This advance is a grant program that was offered in conjunction to the EIDL 7(b) program which gave approved businesses access to working capital. The amount of the working capital was determined by the number of active employees the company had (as stated in the EIDL loan application). However, it is noted that at this time they are no longer accepting applications. Please visit their website for up to date information and open registration.