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June 16, 2020

SBA reopens small employer disaster loan program

HBJ Photo | Joe Cooper Downtown Hartford has gone quiet during the COVID-19 pandemic. Pictured: Asylum Street in Hartford.
By Greg Bordonaro

The U.S. Small Business Administration today is reopening its Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible small employers that have been negatively impacted by COVID-19.

The program offers long-term, low interest assistance for a small business or nonprofit to help offset a temporary loss of revenue due to fallout from the coronavirus pandemic.

EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses, SBA said.  The interest rate is 3.75% for small businesses and 2.75% for nonprofits. 

Additionally, the EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties, and these emergency grants do not have to be repaid.

So far, 35,810 Connecticut small businesses have received $117.2 million in EIDL Advance loans and 14,889 in-state employers have received $1.1 billion in regular EIDL loans.

Click here for more information or to apply for a loan. 

Meantime, the SBA is also still accepting applications for the Paycheck Protection Program until June 30.

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