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Economic Injury Disaster Loans

Explore Your Lending Options

The SBA created the Economic Injury Disaster Loan (EIDL) Program through the CARES Act to support businesses during the COVID-19 pandemic. Eligible businesses can receive up to $150,000 for working capital, including payroll costs and fixed debt payments.

This program has attractive terms with 30-year loan maturity and no prepayment penalties or fees.  Economic relief funding is an evolving situation, so we encourage you to contact a loan expert at Helpwithmyloan for the most updated financial advice.

If your small business or non-profit needs help to offset temporary revenue losses and meet financial obligations, we can help you apply and qualify.

Helpwithmyloan has a 95% loan approval rate, which is almost double the industry average. We work hard to connect you with the right lender and help you secure funding even faster. Our vetted network includes more than 300 financial partners, so you can access EIDL funding directly from SBA-backed lenders.

300+ Financial Partners

Highlight: EIDL Program

Loan Amount:
Up to $150,000

Fixed interest rate:
3.75%

Repayment term:
Up to 30 years

Prepayment penalties:
None

Payment deferment:
Up to 1 year

Loan availability:
All 50 states

FAQ

What information do I need to apply for EIDL?

The SBA has streamlined the EIDL program application, and it should only take a few hours. Unlike many other loan programs, you don’t have to prove that you can’t get credit elsewhere in order to qualify. In most cases, it’s based on your credit score, business size, and provable losses.

Click here to use our loan search engine and see what options are available to you in as little as 24 hours.

When does interest start to accrue?

The disaster loan assistance program has a low, fixed interest rate of 3.75% (or 2.75% for non-profits). Even though payments can be deferred for up to a year, the interest will still accrue immediately.

Is collateral required?

The SBA does not require collateral for loans less than $25,000. You will need to sign a general security agreement (SGA) for loans above that amount.

How much can I receive as a forgivable advance?

This situation is constantly evolving and EIDL grants are no longer available (as of December 2020.)

If this funding source is replenished by the government, the SBA will continue to offer grants for immediate relief. You don’t have to pay the amount back if it’s spent on paid leave, payroll, or lease and mortgage payments. This amount depends on the number of employees ($1,000 each), so you can receive up to $10,000 within 3 business days.

How is EIDL different than a PPP loan?

If you already received a forgivable PPP loan, be aware that your EIDL funds cannot be used for the same expenses.

Explore More Loan Types

Helpwithmyloan is a full spectrum lending platform. Looking for a different type of funding? We’ll help you search for the best loan and get approved even faster.

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Still Have Questions? Let’s Talk.

We’re eager to help you find the right lending options to meet your needs. Connect with a real person for one-on-one loan advice and support. Or start by filling out our fast, free questionnaire to apply for a loan and match up with our finance partners.