EIDL Economic Injury Disaster Loan

SBA’s Economic Injury Disaster Loan (EIDL) provides working capital to small businesses suffering economic injury as a result of the COVID-19:

  • Loans up to $2,000,000
  • 3.75% fixed interest rate on loans to for-profit companies
  • 2.75% fixed interest rate on loans to non-profits
  • Up to 30-year term and amortization (determined on case-by-case basis)
  • Financing to be used for fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
  • At present, the EIDL is the only way to access the $10,000 forgivable loan.
  • Up to $200,000 without a personal guarantee from owners.
  • SBA FACT SHEET: Application filing deadline is 21 December 2020.
  • Upcoming webinars are available here.

All 67 counties now are currently eligible under an Economic Injury Disaster Loan declaration.


First, it’s important to understand that while Economic Injury Disaster Loans can be a lifeline, they will take time to acquire and not all businesses will qualify. Alabama SBDC recommends that you take action now to preserve cash and protect assets. You should be in contact with your lending institutions to see what programs your bank/credit unions are offering during this time (delaying payment requirements/interest only payments) and vendor payments on account. Do the hard stuff first.


Background: The original online application system went down for maintenance on 25 March, and has not returned.  SBA began accepting loan applications via Box Upload between 25-29 March.  A new online system was launched on 30 March:  https://covid19relief.sba.gov/ 

Click here for a preview of the online application form.  (This is for reference purposes only. All information should be entered into the online form.

  • If you started an application on the original system (on 25 March or before), but did not click submit, you have not submitted an application to SBA.  You must start a new application.
  • If you submitted an application on the original system, SBA will be in touch with you.
  • If you uploaded PDF files via the “Box Upload” that was active on 25-29 March, SBA will be in touch with you.
  • SBA now recommends that you submit a new application on the website below.  It will not interfere with your application.  
  • If you have not yet started an application, please do so here:  https://covid19relief.sba.gov/ 


An SBA Loan Officer will contact you to request supporting documentation.  Take time now to ensure that your documents are signed and ready to go.

  • Tax Information Authorization (IRS Form 4506-T) for each owner with minimum 20% ownership interest in the business.
  • Federal personal AND business tax returns for the last 3 years, including all schedules (include personal tax returns for each owner with minimum 20% ownership interest in the business).
  • Personal Financial Statement (SBA Form 413D) for all owners of the business with minimum 20% ownership interest.  (The CARE act may have removed the necessity for this form.)
  • Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used).
  • A current year-to-date profit and loss statement and balance sheet.
  • Monthly sales figures beginning 3 years prior to the disaster and continuing through the most recent month available. (SBA Form 1368). Total figures for each year should reconcile to the sales figures on corresponding tax returns.
  • Download All Forms in a ZIP file.

Begin an online application at https://covid19relief.sba.gov/.


Webinars, Presentation Slides, & On-Demand Video

The webinars and slides below were current as of April 1st. 

Slide Presentation & On-Demand Webinar Recording:  This is where you will find a link to the PDF slides that were presented. NOTE: This is a rapidly evolving topic; please follow us on https://www.facebook.com/AlabamaSBDC to ensure you have the most current information!

Reminder: The Alabama SBDC Network is NOT the US Small Business Administration. No one at the Alabama SBDC has the ability to approve or deny your application. As we learn more about which applications are being accepted, and which ones are being rejected, we are letting everyone know. We are not only talking with SBA’s Office of Disaster Assistance, but also with our SBDC colleagues throughout the country.”

Are you really a small business (according to SBA)? 

SBA’s Size Determination Tool provides a fast way to check.  For the Disaster Loan, if your NAICS code is limited by revenue, you can only average the last three years of business.  (Other SBA programs allow you to take the average over the last five years.  Read the details here.