With the passage of the CARES Act, small business owners and nonprofits can get up to a $10,000 advance on an Economic Injury Disaster Loan.
The EIDL loans, which are available through the Small Business Administration, can provide up to $2 million to companies and organizations with fewer than 500 employees who have been adversely impacted by the coronavirus crisis. However, processing the loans may be a lengthy process.
The $10,000 advance is designed to get money in the hands of small businesses immediately; funds are expected to be available 72 hours after application.
To apply, visit www.SBA.gov/Disaster to fill out a new, streamlined application. Applying for the advance will not impact the status or slow your existing application, according to the Farmingdale Small Business Development Center. Further, if borrowers are denied the disaster loan, the advance will be forgiven.
Assistance with applications is available at www.SBA.gov/LocalAssistance or by calling (800) 659-2955.
