Important Small Business Administration Updates
The Small Business Administration has established a new, simplified, online application portal for Economic Injury Disaster Loans. The portal can be reached at www.sba.gov/disaster.
Businesses that successfully submitted an application or uploaded documents late last week via the temporary document upload portal do not have to take additional action as their applications have been received for processing. Anyone that was unable to complete an application on the prior application portal AND/OR did not upload their application to the document upload portal, should restart their application via the new portal.
Advances of up to $10,000 on Economic Injury Disaster Loans also may be available through a form on the portal. If approved, these funds can be used for payroll and other operating expenses and will be forgiven. This Advance may be available even if your EIDL application was declined or is still pending. If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.
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