April 01, 2020


The Coronavirus Aid, Relief, and Economic Security (CARES) Act expands 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.

The SBA has issued guidance that it will provide initial EIDL loan disbursements of up to $150,000, in addition to the advance of up the $10,000 detailed in the guide below.

The U.S. Chamber is working to ensure Congress replenishes the funds to meet demand from small businesses in need. 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.
  • Payments on Coronavirus EIDL loans are deferred for one year*
  • 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

NOTE: EIDLs are now capped at $150,000. 

What about the EMERGENCY GRANT?

  • As of July 11, 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.