Update – Small Business Administration Simplifies Economic Injury Disaster Loan Application

Note: This is an update to our previous Alert on this subject.

The Small Business Administration’s Economic Injury Disaster Loan (EIDL) program continues to evolve rapidly. The SBA website now shows a simplified EIDL application process with a reduced number of forms that initially need to be submitted.

To read the full text of this Duane Morris Alert, please visit the firm website.

Small Business Administration Offers Economic Injury Disaster Loans

The U.S. Small Business Administration (SBA) is offering low-interest, long-term loans to small businesses in states and territories of up to $2 million each to provide assistance to businesses located in a declared disaster area as a result of the coronavirus (COVID-19) pandemic. These loans are called  “Economic Injury Disaster Loans” or EIDLs. These loans are intended to provide relief from substantial economic injury caused directly by the disaster to fund working capital needs and help small businesses survive until normal operations resume after a disaster.

To read the full text of this Duane Morris Alert, which reviews key “nuts and bolts” aspects of the application process for these loans, please visit the firm website.