Emergency $10,000 Advances
With the SBA EIDL (Economic Injury Disaster Loan) small business owners can apply for emergency (up to) $10,000 advances from SBA (within 3 days of application).
Applying for this advance will not impact or slow the existing application and this advance may be available even if the EIDL application was declined or is still pending.
Businesses with 500 employees or less, or individuals operating as a sole proprietors or independent contractors are eligible to apply for this advance.
Business owners can still apply for the Paycheck Protection Program (PPP) loan, with an option to refinance the EIDL loan into a PPP loan. However, the emergency $10,000 advance will be subtracted from the amount forgiven under the PPP.
Permitted Use of Funds:
1) Paid sick leave related to COVID-19;
3) Rent and mortgage payments;
4) Repaying obligations that cannot be met due to revenue losses.
Apply here: www.SBA.gov/Disaster