By Erica Houskeeper on June 16, 2020
If you’re a small business, chances are you’ve applied for a Small Business Administration Economic Injury Disaster Loan (EIDL) as well as a forgivable Emergency Advance.
The SBA’s EIDL program provides small businesses with working capital loans to help overcome the temporary loss of revenue as the result of a declared disaster. The CARES Act makes it easier for small businesses that were harmed by coronavirus-related closures and revenue losses to apply for and receive loans quickly.
How to Check the Status of Your Application
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. If you’ve already applied for an EIDL or Emergency Advance, there are three ways to check the status of your application through the SBA.
If you submitted your application online, you may check the status of your loan through the SBA website. This is the quickest easiest way to verify the status of your application.
You can log-in using the email address or username and password you registered with when completing your online application. Once you’ve logged in, you’ll be able to check the status of your loan.
You can learn the status of your EIDL application by phone whether you submitted your application online or by mail. Call the SBA Disaster Assistance customer service center at 1-800-659-2955.
You can contact the SBA by email to learn more about the status of your loan or to inquire about the EIDL program. Email the SBA customer service team at firstname.lastname@example.org. If you can’t get through to the SBA, try contacting the Small Business Development Center (SBDC) in your area.
The SBA Is Accepting a New Round of EIDL and Grant Applications
The EIDL loan amount can reportedly be up to $150,000, while the Emergency Advance is capped at $10,000. The advance does not have to be repaid. Small businesses and agricultural businesses also may apply for the grant, equal to $1,000 per employee of the business up to a maximum of $10,000.
On June 15, the SBA announced it would begin accepting a new round of Economic Injury Disaster Loan (EIDL) and Emergency Advance applications to qualified small businesses and U.S. agricultural businesses.
Who Is Eligible for the Emergency Advance Grants?
The EIDL application process involves filling out a simple SBA form requesting an Economic Injury Disaster Recovery Loan, which provides for the advance even if your loan is not granted. The SBA disaster loans and grants are available to the following:
- Independent contractors (for whom there is expanded eligibility criteria)
- Sole proprietorships, with or without employees
- Gig workers
- Small businesses with less than 500 employees
- Agricultural businesses
Learn how Sekure can help your business. Visit our COVID-19 Merchant Resources page to help you stay open and #Staysekure.