Disaster Loan Update

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

As of July 29, 2021, Connecticut businesses received $ 2.5 billion in economic injury loans, including 36,998. Full report here: EIDL data

The following is a quick overview of the COVID-19 EIDL, targeted EIDL Advance, and additional targeted promotion. All of the following information and more can be found here www.sba.gov/EIDL… Indeed, these COVID-19 programs have been extended until the end of the year. New candidates can apply here: EIDL Application or call 1-800-659-2955

eidlCOVID-19 EIDL

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

Proceeds from EIDL can be used to cover a wide range of working capital needs and common operating expenses such as continuing health benefits, rent, utilities, and debt fixed payments. Loan amount equals twenty-four months of economic injury with a maximum loan amount of US $ 500,000 under the following conditions:

  • 3.75% for business (fixed)
  • 2.75% for non-profit organizations (fixed)
  • 30 years

No prepayment penalty or commission.

Popular Questions for EIDL Applicants

Question: What is the status of my existing application?

BUT: Log in to your EIDL COVID-19 Applicant Portal where you will find information about the status of your application.

Q: What do I need to send along with the application?

BUT: Just fill out your company or nonprofit information in the simplified loan application on the page sba.gov/relief… SBA staff may request additional information.

Q: I need help filling out an application. Can the SBA help me?

BUT: You can contact the SBA Customer Service Center at 1-800-659-2955. In addition, SBA resource partners such as your local Small Business Development Center (SBDC) or Women’s Business Development Center (WBC) can help you complete and submit your COVID EIDL application at no cost. To find an SBA Resource Partner near you, visit sba.gov/LocalAssistance

More questions and answers here

Target EIDL Advance

EIDL Earmarked Advance provides funds up to USD 10,000 (no refund required) to applicants who:

  • Are located 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 cartography tool (sbaeidl.policymap.com/app) is available. To be eligible, the registered office must be in a low-income community, so the SBA encourages potential applicants to check the card to see if they qualify for eligibility in the low-income community before applying; and
  • May show a decrease in revenue of more than 30% for an eight-week period commencing on or after March 2, 2020. If a candidate meets the criteria for a low-income community, they will be asked to provide monthly gross income (all forms of cumulative monthly income received, such as profits or salaries) to confirm the 30% reduction; and
  • Have 300 or fewer employees.

Business entities normally eligible for the EIDL program are eligible to apply. This includes sole proprietorships, independent contractors and private non-profit organizations. Agricultural enterprises are not eligible.

Additional targeted promotion

The additional targeted advance provides an additional $ 5,000 non-refundable payment. Even if you previously received an initial EIDL advance of the full $ 10,000, you may be eligible for an additional targeted advance if you meet the eligibility criteria. The total additional earmarked advance ($ 5,000) with any EIDL advance or earmarked EIDL advance ($ 10,000) received will not exceed $ 15,000.

Completing the Targeted EIDL Advance Application is a mandatory requirement and must be considered for additional Targeted Advance.

Before applying, make sure your small business meets the following selection criteria:

  • Located in a low-income village. Use this cartography tool to find out if your business is in a low-income community as defined in section 45D (e) of the Internal Revenue Code. To be eligible, the registered office must be in a low-income community, so the SBA recommends that you check your card before applying; and
  • Can prove more than 50% economic loss for an eight-week period commencing on or after March 2, 2020, compared to the same period last year. Applicants are required to provide monthly gross income (all forms of gross monthly income received, such as profits or salaries) from January 2019 to the current month to the current date; and
  • Has 10 or fewer employees

EIDL Advance Frequently Asked Questions

Q: I cannot find my invitation email for the target Advance EIDL.

BUT: Contact the SBA Disaster Service Center at 1-800-659-2955 or email: TargetedAdvance@sba.gov to request a new invitation. Please note that this process can take several business days.

Question: I need to revise / reevaluate a rejected application for EIDL Targeted Promotion or Additional Targeted Promotion.

BUT: The candidate must send an email to TargetedAdvanceReevaluation@sba.gov

Question: What is the status of my application?

BUT: To check the status of an existing application, you can log into your EIDL COVID-19 Applicant Portal where you will find information about the status of your application.

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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