Economic Injury Disaster Loans (EIDL) & Loan Advance

With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis.

We will provide further information on the availability of the EIDL portal to receive new applications (including those from agricultural enterprises) as soon as possible.

 

Administered by the Small Business Administration (SBA) – Colorado small businesses may seek up to $15K of working capital loans that can provide economic support to small businesses to help overcome the temporary loss of revenue during COVID-19. Also, eligible to apply for a loan advance of up to $10,000 for immediate cash. Funds will be made available within three days of a successful application, and the loan advance will not have to be repaid if used to specified purposes.

A new $10 billion has been approved by the federal government, and while the SBA is not able to accept applications right now, businesses can do the following in anticipation of the new funds: 

  • If they were already in the queue, check in to make sure all paperwork is correct and in place
  • If they had not started working with the SBA yet, remain in contact with the SBA, so they can be ready if Congress appropriates additional funding at 1-800-659-2955 or disastercustomerservice@sba.gov.
  • Set up a bank account if you do not have one. This will be necessary to receive relief funds.
  • Prepare your paperwork, including average monthly payroll calculation (inclusive of eligible health care and retirement contributions).
  • Create a plan for the use of funds over the 8-week period.
  • Ensure that the 8-week disbursement plan complies with approved program expenditures to maximize your loan forgiveness.
  • Reach out to your accountant for guidance and support.

Additional Resources: 
U.S. Chamber of Commerce: Economic Injury Disaster Loan (EIDL) Program Guide

 

Apply for a COVID-19 Economic Injury Disaster Loan and advance by clicking the link below.