Attention small business owners, independent contractors, and sole proprietors! Many of the financial resources available to you from the Small Business Administration (SBA) will be coming to an end at the end of the year. If you have not yet applied, get that application submitted ASAP! See below for helpful information and links. Please note that EIDL loans don’t have to be repaid for 24 months and have a much lower interest rate than traditional loans. You could also be eligible for $15,000 in Targeted and Supplemental advances which are grants - that's free money that doesn’t have to be repaid!

Important reminder! The deadline to apply for the COVID Economic Injury Disaster Loan (EIDL) is Friday, December 31. See below for further details.

• EIDL loan and Targeted Advance applications will be accepted until December 31. SBA will continue processing applications after the deadline, including reconsiderations. We are unable to accept new applications after the deadline.

• Supplemental Targeted Advance applications will be accepted until December 31. However, the SBA may be unable to process some Supplemental Targeted Advance applications submitted near the December 31 deadline due to legal requirements. The SBA cannot continue to process Supplemental Targeted Advance applications after December 31.

• Borrowers can request increases up to their maximum eligible loan amount for up to two years after their loan origination date, or until the funds are exhausted, whichever is soonest.

• The SBA will accept and review reconsideration and appeal requests for COVID EIDL applications received on or before December 31 if the reconsideration/appeal is received within the timeframes in the regulation. This means six months from the date of decline for reconsiderations and 30 days from the date of reconsideration decline for appeals – unless funding is no longer available.

For help with EIDL, call 833-853-5638 (855-440-4960 for the deaf and hard-of-hearing) or email disastercustomerservice@sba.gov. For help with Targeted EIDL Advance, email TargetedAdvance@sba.gov. The COVID-19 EIDL Customer Service Center is open 8:00 am to 8:00 p.m. ET, seven days a week. Learn more at sba.gov/eidl.

Apply today 

Loan eligibility

To obtain a loan via COVID EIDL, small business owners must meet the eligibility requirements outlined in Section 2 of the FAQS.

Additionally, below are the credit score requirements:

• $500,000 or under: 570

• greater than $500,000: 625

Small businesses must qualify for a certain loan amount by completing the economic injury formula which takes into account two years’ worth of revenue and cost of goods sold to produce an eligible loan amount. Review Section 2 of the FAQS and the Intake application form checklist  for more details

Advance (Grant) Eligibility

Applicants for the COVID-19 Economic Injury Disaster Loan (EIDL) may be eligible to receive up to $15,000 in funding from SBA that does not need to be repaid. These "advances" are similar to a grant, but without the typical requirements that come with a U.S. government grant.

To receive an advance, you must first apply for a COVID-19 EIDL. You do not need to accept the loan or be approved for the loan to receive an advance. Once you apply for the loan, SBA will invite you via email to apply for one of the advance programs if your business is located in a low-income area (see below for more detail).

Before you apply, please check the map to ensure you are in a low-income area and review the eligibility criteria below.

Please do not submit duplicate COVID-19 EIDL applications. If you have already applied or cannot find your invitation email, instructions on how to have your application updated or reevaluated are below.