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ARTICLE · 15 OCTOBER 2021

Summary Of COVID EIDL Terms And Eligibility Requirements

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The program will end on the earlier of December 31, 2021, or the date funds are exhausted.

United StatesCoronavirus (COVID-19)
Andrew J. Geppert
Andrew J. Geppert
Lewis M. Horowitz
Lewis M. Horowitz
Eric J. Kodesch
Eric J. Kodesch
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The U.S. Small Business Administration's (SBA) recently expanded COVID-19 Economic Injury Disaster Loan (COVID EIDL) program, which offers long-term, low-interest loans of up to $2 million to small businesses impacted by the pandemic, presents a financing tool that most eligible businesses should consider.

We described the expansion of the COVID EIDL program in a recent article. The below chart provides a high-level summary of the SBA's guidance related to the program, including the economic terms, eligibility requirements, and documentation required to obtain a COVID EIDL loan. Notably, for the COVID EIDL program, the SBA appears to have dispensed with its usual requirement that borrowers demonstrate "substantial economic injury" to be eligible for a disaster loan. 

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