It is a low-interest federal loan issued by the SBA to alleviate economic injury small businesses or private non-profits are experiencing injury and, in this case, injury caused by the Coronavirus (COVID - 19). Economic Injury Disaster Loans (EIDL) What is an Economic Injury Disaster Loan? EIDL program loan proceeds may be used as working capital to pay for expenses, such as payroll, accounts payable, rent, mortgage, vehicle leases, and other bills that would have been able to be paid if not for the COVID-19 disaster. COVID19 Relief FAQs Responses to Frequently Asked Questions on PPP and EIDL Loans Questions Economic Injury Disaster Loan (EIDL) Paycheck Protect Program (PPP) Why wasn’t I approved? • SBA must distribute the Emergency EIDL within 3 days of the request. Alert Note that the Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, amended and extended the employee retention credit (and the availability of certain advance payments of the tax credits) under section 2301 of the CARES Act. The EIDL is for businesses that have experienced financial losses as a result of COVID-19. The loan gives up to $2mm in aid to businesses, including a $10,000 emergency cash advance. • A borrower applying for EIDL can request an advance on the loan of up to $10,000 from the Small Business Administration (SBA). ? Frequently Asked Questions COVID-19 Economic Injury Disaster Loan (EIDL) 1. It allows you to see disbursement status and ot Answers to the Frequently Asked Questions about the COVID-19 EIDL loans and advance grants. -Unsatisfactory credit history -Business activity is not eligible. The new stimulus program, signed into law in the last days of 2020, reopens the door for some aid for independent contractors such as with Doordash, Uber Eats, Lyft, Instacart, Grubhub etc. General Questions Am I eligible for the COVID-19 EIDL advance and loan as an independent contractor with companies like Doordash, Uber Eats, Instacart, Lyft, Grubhub etc. Applied for EIDL loan on 04/03/20 application # 33017***** also asked for EIDL grant. You can use the Capital Access Finance System ( CAWeb.sba.gov ) to track your EIDL after your documents have been signed and submitted through funding. But it also has contractors scrambling to figure out how to tell out if they're in a low income community. On 04/14/20 I recieved an email from SBA informing applicants that the advance amount would be $1000 per employee with a $10,000 max. EIDL assistance is available only to a small business engaged in an eligible business activity. 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