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. 

upwise capital coronavirus relief

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.