Due to limited appropriations funding, the application portal for the Economic Injury Disaster Loan (EIDL) - COVID-19 assistance program is temporarily closed. By law, the SBA is not able to issue new loan approvals once the programs experience a lapse in appropriations.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. SBA is processing EIDL applications as quickly as possible. SBA will provide those whose applications are approved with loans that will cover the business's short-term working capital needs.
SBA and Treasury urge Congress to appropriate additional funds for the Paycheck Protection Program - a critical and overwhelmingly bipartisan program - at which point they will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks. The high demand underscores the need for hardworking Americans to have access to relief as soon as possible. We want every eligible small business to participate and get the resources they need.
What can you do now?
SCORE will continue to update its Coronavirus Small Business Resource Hub: www.score.org/coronavirus, and we will continue to share SCORE partner and friend programs that are available for small business support. Those include:
- U.S. Chamber of Commerce: Save Small Business Fund - a grantmaking initiative led by the U.S. Chamber of Commerce Foundation. The fund will offer $5,000 grants for employers across the country. They also developed a Coronavirus Small Business Guide.
- Nav: Small Business Grant Contest - Nav is giving grants to small businesses that tell a story of preservation and opportunity in the face of a past or ongoing challenge. Apply by May 30th.
- Facebook: $100M in Grants for Small Businesses - Facebook is offering $100 million in grants to support over 30,000 small businesses in over 30 countries. Check if your small business is eligible.