Economic Injury Disaster Loan and Advance Application Update
The SBA updated the application process to allow for a
streamlined online application. The 2 page form is simplified with very little information requested and, although the form says it will take over 2 hours to complete, if you have your last 12 months' of sales and cost of goods sold totals, that's all you will need and the form takes about 15 minutes to complete.
We received this communication from the SBA this week:
Update about the Economic Injury Disaster Loan application to be submitted to the U.S. Small Business Administration
We know you are facing challenging times in this current health crisis. The U.S. Small Business Administration is committed to help bring relief to small businesses and nonprofit organizations suffering because of the Coronavirus (COVID-19) pandemic.
On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business owners and non-profits, including the opportunity to get
up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL)
. This
Advance
may be available even if your
EIDL
application is declined or is still pending, and
will be forgiven.
If you wish to apply for the Advance on your EIDL, please visit
www.SBA.gov/Disaster
as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application
even if you previously submitted
an EIDL application. Applying for the Advance will not impact the status or slow your existing application.
Also, we encourage you to subscribe to our email updates via
www.SBA.gov/Updates
and follow us on Twitter at
@SBAgov
for the latest news on available SBA resources and services. If you need additional assistance, you can find your local SBA office and resource partners at
www.SBA.gov/LocalAssistance
. If you have questions, you may also call 1-800-659-2955.
Please contact your engagement team leader at LevitZacks if you have any questions or need any assistance in submitting your SBA applications.
