What is an Economic Injury Disaster Loan? This is a question small businesses have been asking because of the COVID-19 pandemic. We’ll provide an overview of an EIDL Loan and highlight some of the benefits it offers. If you’re thinking about applying for one, keep reading. We’ll discuss who’s eligible, what can it be used for, and more. Let’s get started!
What is an Economic Injury Disaster Loan (EIDL)?
EIDL assistance is available in the form of an Economic Injury Disaster Loan (EIDL) and EIDL Advance. EIDLs are working capital loans that can provide up to $2 million to small businesses and nonprofit organizations to help alleviate the financial impacts of a disaster.
