Uscc covid19 sb economic injury disaster loans updated03 22 2022


March 17, 2022


The Coronavirus Aid, Relief, and Economic Security (CARES) Act expanded the Small Business Administration’s long-standing Economic Injury Disaster Loan Program (EIDL). The EIDL program was created to assist businesses, renters, and homeowners located in regions affected by declared disasters.

For immediate assistance on a question or application, please email:


In general, all of the following entities that have suffered substantial economic injury caused by a disaster provided they were in existence on January 31, 2020:

  • Businesses with 500 or fewer employees
  • Cooperatives, ESOPs, and tribal small businesses with fewer than 500 employees
  • Sole proprietors
  • Independent contractors
  • Most private nonprofits


  • The maximum EIDL is a $2 million working capital loan at a rate of 3.75% for businesses and 2.75% for non-profits with up to a 30-year term.
  • In March 2022, SBA granted a deferment extension for all COVID-EIDL loans approved in calendar years 2020, 2021, and 2022. Recipients now have an additional six months to begin payments for a total deferment of 30 months from the date of the Note.
  • Approval can be based on a credit score and no first-year tax returns are required
  • Borrowers do not have to prove they could not get credit elsewhere
  • No collateral is required for loans of $25,000 or less. For loans of more than $25,000, general security interest in business assets will be used for collateral instead of real estate
  • The borrowers must allow the SBA to review its tax records

What about the EMERGENCY GRANT?

  • SBA is no longer offering $1,000 per employee up to $10,000 emergency grants. 

NOTE: The Paycheck Protection Program (PPP) created by the CARES Act prohibits borrowers from taking out two loans for the same purpose. For more information on PPP loans, visit

How do I APPLY?

Apply online at

The SBA administers the EIDL program. Please contact the SBA with specific questions.