Department of Commerce announces additional Economic Injury Disaster Loans (EIDLs)

OLYMPIA—The Washington State Small Business Administration expanded the eligibility criteria for the EIDL program earlier in June. Small businesses may check eligibility and apply for an EIDL on the U.S. Small Business Administration website, located here: https://covid19relief.sba.gov/#/ . Interest rates are 3.75% for small businesses, 2.75% for nonprofits.

 EIDLs may be used on common operational expenses that cannot be paid due to effects of the pandemic, this includes debt payments, payroll, accounts payable and other bills.

EIDLs can be used with expenses not already covered by Paycheck Protection Program loans. Businesses and nonprofits can use a combination of PPP and EIDL loans as long as the funds are used for different expenses.

 Small business owners are able to apply for an Economic Injury Disaster Loan (EIDL) Advance of up to $10,000, those interested can apply here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid.