The Economic Injury Disaster Loan (EIDL) can be used

Coronavirus Relief.
Cash Flow.

Notice:  New Eligibility for EIDL Loan and Advance

Due to the overwhelming demand of the Economic Injury Disaster Loan (EIDL), on the second round of funding the SBA re-opened the EIDL application process but only for agricultural businesses.  

Many people who applied with Upwise on the first round received their EIDL loan or EIDL Emergency Advance.  The SBA portal stopped accepting new applications on April 15 and any applications received before then will be processed on a first-come, first-served basis.  

The EIDL loan provides relief from economic injury caused directly by the disaster and permits you to maintain a reasonable working capital position during the period affected by the disaster. 

You can still complete an application through Upwise to be submitted to the SBA for when they start accepting applications again for regular businesses.

We recommend applying to get your application in line, as the additional round of funding may go just as fast this time.


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What is an Economic injury Disaster Loan?

An Economic Injury Disaster Loan (EIDL) is a traditional SBA 7(a) loan that was reserved for disaster relief.  Due to the lesser requirements for the EIDL disaster relief program, more people will qualify for this loan compared to traditional SBA loans.

Maximum loan amount

$2 Million
$10K Advance

loan term

Up to 30 Years

interest rate

3.75% small businesses
2.75% non-profits


None under $200K



Now Available:  SBA Relief Loans

Paycheck Protection Program (PPP), SBA Express Bridge Loans,
Economic Injury Disaster Loans (EIDL), SBA 7(a) Loans, SBA Debt Relief

The Economic Injury Disaster Loan (EIDL) has a $10K Emergency Advance that will be forgiven = turned into a grant.

Economic Injury Disaster Loan (EIDL)

Program Overview

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan (EIDL).  These loans offer working capital support to help businesses stay operational during this economic disaster.  While typically known for long wait times and strict qualifications and guidelines to get approved, this has changed with the response to the CARES Act and Coronavirus (COVID-19) situation.  

Who Can Apply

To apply for an EIDL, you must prove substantial economic injury caused by COVID-19.   If your business was experiencing financial problems before the Coronavirus pandemic, you may not qualify.   

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.

Not-for-profits organizations (except those receiving Medicaid funds) and Veterans organizations are also eligible to apply.

**NOTICE:  New eligibility is made possible as a result of the latest round of funds appropriated by Congress in response to the COVID-19 pandemic.

  • Agricultural businesses includes those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).
  • SBA is encouraging all eligible agricultural businesses with 500 or fewer employees wishing to apply to begin preparing their business financial information needed for their application.

At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.

How to Apply 

You can apply through Upwise Capital and it’s SBA Approved & Trusted Lenders.  

In order for you to qualify for the SBA Economic Injury Disaster Loan, you just need to fill out the application below and we will send you an email with additional questions. 

Loan Use

The EIDL loan can be used for a number of purposes to cover necessary day to day operations and expenses, before the disaster affected your finances.  Below is a list of example uses:

  • Payroll + Hire Employees
  • Accounts Payable
  • Sick Leave for employees
  • Increased Costs for Materials or Goods
  • Rent or Mortgages Payments
  • Other debt payments that cannot be met due to revenue loss

Loan Details

Loan amounts for the EIDL program go up to $2 Million with a term up to 30 years.   

Interest Rates for small businesses are 3.75% and for non profits 2.75%If you need quick funds, you are eligible to apply for SBA EIDL 

Emergency Advance of up to $10,000.00

Loan Forgiveness

This EIDL Emergency Advance will be forgiven and convert to a grant.  The EIDL Loan must be paid to maturity. 

If you wish to begin preparing your Economic Injury Disaster Loan (EIDL) application, you can click the link below to start the application or reach out to one of our funding advisors at (646) 837-5522 or email to get started. 

Can you get a EIDL Loan if you have Other Loans?

Yes, you can apply for many types of other loans alongside a EIDL loan.  Even if you have existing loans in place, you can still apply.  You are also eligible to apply for the PPP loan.  You can’t use the funds from a EIDL loan for the same use as another loan.  If you have any questions, call your Upwise advisor today @ (646) 837-5522.

Other Relief Loans Available from Upwise

Paycheck Protection Program (PPP)

The PPP is a loan designed to provide direct incentive for small businesses to keep their workers on payroll.

SBA Express Disaster Bridge Loan (EBL)

The SBA Express Bridge Loan allows small businesses affected by coronavirus to access up to $25,000 with less paperwork. 

Economic Injury Disaster Loan (EIDL)

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million. 

SBA 7(a)
Relief Loan

The SBA 7(a) Loan can help businesses respond to opportunities and challenges associated with COVID-19.

What does this Aid Bill mean for Small Business?

For many small business owners this relief could not come fast enough.  The SBA has never been tasked with disaster relief of this scope, so EIDL Loan guarantees will be distributed through the 7(a) loan program.  

At Upwise Capital, we have many years of experience working with trusted + approved SBA Lenders in which our funding advisors are trained to walk you through every step of the way.  We handle all the paperwork and filing on your behalf, so you can get back to the more important things, like running your business. 

We advise business owners to take advantage of ALL of the SBA Relief Programs available:  

The PPP will cover your Payroll & Overhead Expenses – and if used correctly – will be forgiven – meaning you do not have to pay it back.  This is a no brainer – Thanks U.S. Government!

The EBL can get you up to $25K to act as a bridge loan while applying and waiting for the EIDL to go through, which could take some time, considering how flooded the SBA is right now, so get your application in now – for this one. 

EIDL can get you up to $2M at the cheapest interest rate but will be the hardest to get approved for.

The SBA 7(a) is always the gold standard of business loans and is offering a Disaster Relief Program! 

Business owners should know that they can get a traditional SBA 7(a) Loan for business growth and expansion alongside an EIDL Loan, which may have interest forgiveness in the future. 

It also appears that small businesses will be able to defer their payroll taxes until 2021 or 2022.  A separate program will provide $17 billion to pay the principal, interest, and fees on outstanding SBA loans temporarily.  There are roughly $100 Billion of these SBA Loans Outstanding. If you have an SBA Loan call your SBA lender or Upwise advisor today @ (646)-837-5522.

Types of SBA Loans

Overview: The PPP is a loan designed to provide direct incentive for small businesses to keep their workers on payroll.
Forvigveness: SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Guarantee: No collateral or personal guarantees are required.
Terms: This loan has a maturity of 2 years and an interest rate of .5%.
Who Can Apply:  Any small business with less than 500 employees per location. 
When: Enrollment starts April 3, 2020 – get your Application in now! 

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