SBA Reopens EIDL Loan
June 16, 2020—The Small Business Administration officially reopened the Economic Injury Disaster Loan (EIDL) grant and loan program, reports Forbes.
According to the report, the loan is no longer limited to just agricultural businesses, but an array of eligible small businesses, independent contractors, freelancers, and gig workers, among others.
Small businesses with under 500 employees may also apply for the grant and can earn up to $1,000 per employee of the business up to a maximum of $10,000. According to CNBC, the program's emergency grant was also dropped from its initial amount of up to $10,00 per business to $1,000 per employee per business.
According to data from the National Federation of Independent Business from early June, 57 percent of respondents who applied for the loan have been approved, 38 percent have not heard the status of their application, and 5 percent were denied. About 36 percent of EIDL applicants have received the loan as of June 2, and 69 percent of those who requested the EIDL emergency advance—only available to agricultural businesses at the time—had also received those funds as of June 2.
Businesses have until the end of the year to apply for the EIDL program.