Many clients have experienced challenges with the Economic Injury Disaster Loan (EIDL) Application process. Because of these challenges, late the SBA has updated their website to make the process much easier, introducing a streamlined approach. If you had an unfinished application, you will now need to use this streamlined application; however, it is online and much easier to complete. If you previously submitted an application, it is not clear whether you can resubmit it using the streamlined application, but it does give you the option now to request the $10,000 emergency grant. We are suggesting even if you have applied to complete the new streamlined application in order to apply for the $10,000 emergency grant.
- Go to https://covid19relief.sba.gov/#/
- Select the appropriate entity – most clients should select “Applicant is a business with not more than 500 employees” or “Applicant is an individual who operates under a sole proprietorship, with or without employees, or as an independent contractor.”
- Review and verify that you meet the criteria
- Proceeds with submitted the requested information about the business and ownership.
This streamlined application could take under 15 minutes. We expect the system will see a lot of traffic so please be patient, and persistent if there are delays in using the website.
Information needed for the loan application (You will not be able to save as you go, so assemble information in advance):
- Basic business information – name, EIN, address, business type
- Basic financial information – Gross revenues for the 12 month period prior to 1/31/20
- Basic ownership information