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Loans through SBA available
- Who’s eligible: Small businesses, nonprofits, veterans organizations, tribal businesses, ESOPs and cooperatives with less than 500 employees, sole proprietorships, self-employed individuals, and independent contractors, including gig workers.
- What it is:
- Loan (EIDL): If you’re a small business owner in any U.S. state, you can apply for an emergency long-term low-interest loan through the Small Business Administration (SBA). The loan can be up to $2 million, providing vital economic support to help you overcome the loss of your business’s revenue due to the COVID-19 impact.
- Advance: To get an advance of $1,000 per employee, up to $10,000, first apply for an EIDL. Then, request the advance within 3 days. The advance does not need to be repaid and can be used to keep employees on payroll, pay for sick leave, meet increased production costs, or pay business obligations like rent or mortgage.
- Take action:
- Apply online for up to a $2 million EIDL or check the status of an existing loan application. Read more about the application process and eligibility details. You must opt into the loan advance while completing the loan application.
- Need immediate support while waiting for your application’s decision or disbursement? Learn about the SBA Bridge Loan Pilot Program.
- From: U.S. Small Business Administration, Federal Government