Economic Disaster Lending Update

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The SBA is currently accepting new COVID-19 Economic Disaster (EIDL) loan applications from all qualified small businesses, including private non-profit organizations.

As of July 29, 2021, the Connecticut entities had received $ 2.5 billion in economic disaster loans, comprising 36,998 loans. Full data report here: EIDL data.

The following is a summary of EIDL COVID-19, EIDL Targeted Advance, and Additional Targeted Advance. All the following information and more can be found here www.sba.gov/EIDL. Indeed, these COVID-19 programs are extended until the end of the year. New applicants can apply here: EIDL request or call 1-800-659-2955.

COVID-19 EIDL

The COVID EIDL program is a federal small business loan program that provides economic relief to small businesses and nonprofits that are currently experiencing a temporary loss of income.

Proceeds from EIDL can be used to cover a wide range of working capital needs and normal operating expenses, such as maintaining health care benefits, rent, utilities, and fixed payments of the debt. The loan amount is equivalent to twenty-four months of economic damage with a maximum loan amount of $ 500,000, according to the following terms of

  • 3.75% for businesses (fixed)
  • 2.75% for associations (fixed)
  • 30 years

No penalty or prepayment charge.

Frequently asked questions for EIDL applicants

Question: What is the status of my existing request?

A: Connect to your EIDL COVID-19 Candidate Portal where you will find information on the status of your request.

Q: What should I submit with my application?

A: Simply fill in your business or non-profit organization information on the simplified loan application at sba.gov/relief. SBA processing staff may request additional information.

Q: I need help completing the application. Can the SBA help me?

A: You can contact the SBA Customer Service Center at 1-800-659-2955. In addition, SBA’s resource partners, such as a Small Business Development Center (SBDC) or a local Women’s Business Development Center (WBC), can help you complete and submit the EIDL COVID application. free of charge. To find your nearest SBA Resource Partner, visit sba.gov/LocalAssistance.

More questions and answers here

Targeted EIDL advance

The Targeted EIDL Advance provides funds of up to $ 10,000 (these funds do not need to be repaid) to applicants who:

  • You are in a low income community. To help applicants determine if they are in a low-income community as defined in Section 45D (e) of the Internal Revenue Code, a mapping tool (sbaeidl.policymap.com/app) is available. The business address must be in a low-income community to be eligible. The SBA therefore encourages potential applicants to check the card to see if they meet the low income community eligibility requirements before applying; and
  • Can demonstrate more than 30% reduction in revenue for an eight-week period beginning March 2, 2020 or later. If an applicant meets the low income community criteria, they will be asked to provide gross monthly income (all forms of combined monthly income received, such as profits or wages) to confirm the 30% reduction; and
  • Have 300 employees or less.

Business entities normally eligible for the EIDL program are eligible. This includes sole proprietors, independent contractors, and private not-for-profit organizations. Farm businesses are not eligible.

Additional targeted advance

The additional targeted advance provides an additional payment of $ 5,000 that does not have to be repaid. Even if you have already received the original EIDL advance totaling $ 10,000, you may be eligible for the additional targeted advance if you meet the eligibility criteria. The combined amount of the Additional Targeted Advance ($ 5,000) with any previously received EIDL or Targeted EIDL Advance ($ 10,000) will not exceed $ 15,000.

Completing the EIDL Targeted Advance Application is a requirement to be considered for the Additional Targeted Advance.

Before you apply, make sure your small business meets the following eligibility criteria:

  • Is located in a low income community. Use this mapping tool to see if your business is located in a low income community as defined in Section 45D (e) of the Internal Revenue Code. The business address must be in a low-income community to be eligible. The SBA therefore encourages you to verify the card before applying. and
  • Can prove an economic loss of more than 50% for an eight-week period beginning March 2, 2020 or later, compared to the same period the previous year. Applicants must provide gross monthly income (all forms of combined monthly income received, such as profits or wages) from January 2019 to the current month’s cumulative; and
  • Has 10 employees or less.

Frequently Asked Questions for Advanced EIDL Programs

Q: I can’t find my targeted EIDL Advance invitation email.

A: Contact the SBA Disaster Customer Service Center at 1-800-659-2955 or email [email protected] to request a new invitation. Please note that this process may take several business days.

Question: I need a reconsideration / reassessment of a denied request for a targeted EIDL advance or additional targeted advance.

A: The candidate should send an email to [email protected]

Question: What is the status of my application?

A: To check the status of an existing request, you can connect to your EIDL COVID-19 Candidate Portal where you will find information on the status of your request.

SBA Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing).

More questions and answers here

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