The Small Business Administration is continuing to hand out loans for business owners amidst the COVID-19 crisis. Known as the Economic Injury Disaster Loan, the EIDL is the most commonly taken SBA loan. It grants up to $10,000 to small business owners who are damaged by the COVID-19 disaster economically.
Although there are plenty of loan options offered by the Small Business Administration outside of what’s covered under the CARES Act, the EIDL Advance Grants remain an option. Even if you received an EDIL grant in the past, you can only qualify for the advance grant. The only requirement for this is that the EIDL you received must be under $10,000.
How to apply for SBA EIDL Advance Grant?
As mentioned above, those who received an EIDL grant in the past have the option to get the advance grant. What’s different about the EIDL grant itself and the advance funds is that the Small Business Administration doesn’t require you to apply for the advance funds.
As simple as it sounds – if you qualify, the SBA will reach out to you. So you don’t necessarily need to do anything in order to get the advance EILD grant offered by the SBA.
With the announcement made on January 21, 2021, the SBA stated that the small businesses that received an EIDL grant of between $1,000 and $9,000 will be the first ones to receive an email from the SBA about the advance EIDL.
How to apply for EIDL?
If you haven’t received an EIDL grant, you won’t get the advance payments. That’s obvious, so, in order to get the advance funds, you must apply for EIDL in the first place. The application can be done online through the SBA website.
The application is broken down into five separate parts. In order, you will see the following and provide information about.
- Business Information
- Business Owner’s Information
- Additional Information
Once these are entered, the SBA will instantly get your EIDL application and it will be processed.