Economic Injury Disaster Loans (EIDLs) are working capital loans available to qualified small businesses, private nonprofit organizations of all sizes and small agricultural cooperatives that suffered financial losses because of the disaster, regardless of physical damage. The SBA can loan up to $2 million to provide the necessary working capital to help small businesses pay fixed debts, payroll, accounts payable and other bills that could have been covered had the disaster not occurred. The loan is not intended to replace lost sales or profits. The combined limit for economic injury and physical damage assistance for businesses is $2 million.
EIDLs are available to small businesses and private non-profits with a physical location in the declared disaster area. Entities cannot have credit available elsewhere as determined by SBA. Entities must show that they are unable to meet ordinary on-going operating expenses as a result of the declared disaster.
