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What is the Economic Injury Disaster Loan (EIDL)?

Objective:

  • What is the Economic Injury Disaster Loan?

Environment:

  • Clio Cares 

Additional Information:

UPDATE: The SBA is again accepting and approval applications for all businesses.

  • The loan amount can be up to $2 million including the $10,000 CARES Act emergency forgivable advance.
  • Loans have a 4% interest rate (max) and a maximum 30-year term. 
  • More information of the Economic Injury Disaster Loan Emergency Advance can be found here.

Answer:

The Economic Injury Disaster Loan has been around for some time, but now includes a $10,000 CARES Act grant/advance for applicants that can demonstrate economic injury. Unlike the Payment Protection Program, this advance is not restricted to payroll. 

Apply here. 

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