SBA EIDL Application Walkthrough

by | Apr 6, 2020

 

Weeks after mandated closures of small businesses due to COVID-19, the SBA has released several loan programs to support small businesses in this critical moment. The two most popular loan products are the SBA Payroll Protection Program (PPP) which is run through individual banks and the Economic Injury Disaster Loan (EIDL) which the SBA is directly managing. This walkthrough takes you through the things you need to have ready to attack the EIDL loan.

Circle with document in it and text that says 10,000 dollars.Image of shield with money in it.

There are a few major differences between the two programs, but the biggest differences are the PPP loan is a forgivable loan based on payroll, while the EIDL offers a 10k advance (grant) if your loan application is accepted.

Before you start

Before you get started on the EIDL application you will need to have the following items ready to fill in. If it is easier we have developed a google doc for you to fill in your answers so when you’re ready to fill out the online application you can just copy and paste your responses. The EIDL application does not require any uploading of documents, just honest answers. I am sure the SBA will then follow up with you directly.

Before starting, make sure you have the following ready:

  • EIN of your business
  • Incorporation date
  • Gross sales from Jan 30, 2019 to Jan 30, 2020
  • Cost of goods from Jan 30, 2019 to Jan 30, 2020
  • Legal name, SSN, phone number, addresses and contact information for all owners of the company
  • Name, phone, address of a representative you want the SBA to talk to if they need further help. *This might be helpful if English is your second language or if you have a CPA that is working with you that can answer more finance-related questions.*

Watch the video walkthrough below before filling out your own application to make sure you don’t miss anything.

(Video trouble? Click this link)

When you’re ready, go ahead and apply! Best of luck!

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