Economic Injury Disaster Loan - EIDL

The Wise, Fast & Transparent Solution for your business.
Affected by Coronavirus? Apply for an EIDL.

The EIDL loan provides relief from economic injury caused directly by the COVID-19 pandemic and permits you to maintain a reasonable working capital position during the period affected by the disaster.


What is an EIDL Loan?

An Economic Injury Disaster Loan, also known as the EIDL is a loan directly from the SBA to support small businesses’ recovery from the COVID-19 disaster’s economic impacts.  This SBA program is designed to provide accessible and borrower friendly capital to small businesses.  Due to the lesser requirements for the EIDL program, more people will qualify for this loan compared to traditional SBA loans. 

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EIDL Details

Maximum loan amount

Raised to $2M

loan term

Up to 30 Years

Fixed interest rates

3.75% small businesses 2.75% non-profits

Personal Guarantee

None Under $200K

SBA EIDL Pros vs Cons



How Does an EIDL Work?

The EIDL loan is given directly from the SBA and must be repaid, it is not forgivable like the PPP loan.  It comes with a low-interest, fixed-rate of 3.75% for businesses and 2.75% for private nonprofit organizations.

It has a long term of up to 30 years to help small business owners overcome the effects of the pandemic by providing working capital to meet operating expenses.  Payments are deferred for the first 2 years, and payments of principal and interest are made over the following remaining 28 years. 

Who Qualifies for an EIDL?

In order to qualify and be eligible for an SBA EIDL loan, small business owners must meet requirements outlined in Section 2 of the FAQs of the SBA website.

The credit requirements:

  • $500,000 or under – 570 credit score
  • Greater than $500,000 – 625 credit score

In addition to meeting the credit requirements of the SBA, applicants must submit an IRS Tax Authorization Form 4506-T to release business tax transcripts to the SBA to verify your revenue.  

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EIDL Loan Requirements

Annual revenue

Over $150K

Credit Score

Over 625+

Time In business

Before Feb 2020


Under 500

* Note: These SBA EIDL requirements are based on previous Upwise customers and is just an average. Actual requirements are set by the SBA.

What can EIDL funds be used for?

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
  • Use of funds was expanded to include payment and pre-payment of business non-federal debt incurred at any time and payment of federal debt

How to get an Economic Injury Disaster Loan

We make it easy, simply apply online and we’ll be in touch to go over your options.



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Documents You'll Need to Apply

  • Completed Application
  • Driver’s License
  • Voided Business Check
  • Business Bank Statements (Last 6 Months)
  • Credit Score

You may also be requested to provide the following for larger dollar amounts over $100K:

  • Balance sheet
  • Profit & Loss Statements
  • Business Tax Returns
  • Personal Tax Returns
  • Account Receivables Report (if securing AR)
  • Inventory List (if securing inventory)

*See above for short term loan requirements. 

Economic Injury Disaster Loans

can be used for 
Economic Injury Disaster Loans EIDL

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

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.

Type 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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