Economic Injury Disaster Loan (EIDL) FAQ

Find the most frequently asked questions for the Economic Injury Disaster Loan (EIDL) below. If you can’t find an answer to your question, please notify us through the form on this page.


My company opened for business in 2020. Can I still apply for the EIDL?

Yes, if you opened for business prior to January 31, 2020. Some good sources for establishing when you opened would be articles of incorporation as well as your local business license.

Can I apply for an EIDL if I already have an SBA loan?

Yes. If you are delinquent on your SBA loan however, you will not be eligible for the EIDL.

Can I apply for an EIDL if I am also applying for the Paycheck Protection Program?


You may apply to both programs simultaneously for COVID-19 disaster relief however you must ensure that the funds are spent on different types of expenses. For example, Paycheck Protection Program funds should be applied toward payroll first and foremost while EIDL funds may be put toward leases, utilities, or other essential operating expenses. You will want to maintain documentation of your spending.

My credit history isn’t the best. Can I still get an EIDL?

The SBA will be the ones to review your credit history and decide whether you qualify. Their requirements are as follows:

  • Credit History – Applicants must have a credit history acceptable to SBA
  • Repayment – Applicants must show the ability to repay the loan
  • Collateral – Collateral is required for all EIDL loans over $25,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral, but SBA will require the borrower to pledge collateral that is available
  • Personal Guarantee—if a loan is over $200,000, a personal guarantee will be requested from the business owner(s).

Loan Terms

How much can I borrow?

The SBA will review your loan application and financial information, and will determine the amount they will loan you.

The maximum loan amount is $2 Million

When will I have to pay the loan back?

The SBA will review your situation and will settle a loan repayment term on a case-by-case basis. The maximum repayment term will be 30 years.

How soon will an EIDL be funded?

While the EIDL COVID-19 webpage states that it will days to fund, please know that estimate is a best-case scenario. Given the current situation, it may take weeks rather than days for the loan to be approved and funding to be issued.


What information will be asked when applying for an EIDL?

Information is asked in two phases—the application to be considered for the loan is very simple and straightforward and includes the following:

  • General Business Information including Name, Tax ID, Address, # of Employees, Ownership info, and other applicant business information
  • Gross Revenues for the 12 months prior to the date of the disaster (January 31, 2020)
  • Cost of Goods Sold for the 12 months prior to the date of the disaster

After your application is submitted, the SBA will reach out to request additional information from you which may include the following:

  • Tax information authorization (IRE Form 4506T) for the applicant(s)
  • Six months history of company’s income and expenses
  • Three to six months projection of income and expenses, to show the expected loss
  • A personal financial statement for each owner(s)

How will I know the Small Business Administration has received my application?

Once you submit your application online, The SBA will provide you with an application number and confirmation that your application has been submitted. You will want to write down the application number or print the page, and keep it for your records. The SBA will then contact you via email with any additional document requests needed.