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.

EIDL Details
Raised to $2M
Up to 30 Years
3.75% small businesses 2.75% non-profits
None Under $200K
SBA EIDL Pros vs Cons
PROS
- Long Payment Terms Up to 30 Years
- Low Interest Rates & Forgivable Advance
- Suitable for a wide range of business purposes
- Debt Forgiveness Programs if already have an SBA
CONS
- Can Require Collateral or Personal Guarantee
- SBA May Be Overwhelmed with Applications
- SBA Credit Criteria Must Be Met
- Funding Speed Depends on the SBA Directly
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.
EIDL Loan Requirements
Over $150K
Over 625+
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.


Safe & Secure
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

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 SBA Express Bridge Loan allows small businesses to access up to $25,000 with less paperwork.
Forvigveness: If applying for an EIDL Loan and need quick capital – this will be repaid in full or in part by proceeds from the EIDL Loan.
Guarantee: No collateral or personal guarantees are required.
Terms: Structured as a term loan to ammortize over a maximum term of 7 years. Interest Rate: Prime + 6.5% max.
Who Can Apply: Any small business located in any state, territory and the District of Columbia that have been adversely impacted by the COVID19 emergency.
When: Enrollment starts April 3, 2020 – get your Application in now!
Maximum Loan Amount: $10 Million
Maximum SBA Guarantee: 90% for loans up to $150,000 and 75% for loans greater than $150,000
Interest Rate: Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum
Eligibility Decision: By the SBA. Qualified lenders may be granted delegated authority (PLP) to make eligibility determinations without SBA review.
Revolving Lines of Credit: Up to 10 years (Permitted only under CAPLines submission. See below)
SBA Turn Around Time: 5-10 business days
Forms: SBA Form 1919 and SBA Form 1920 are required for every loan (other SBA Forms may be required)
Collateral: Lenders are not required to take collateral for loans up to $25,000. For loans in excess of $350,000, the SBA requires that the lender collateralize the loan to the maximum extent possible up to the loan amount. If business fixed assets do not “fully secure” the loan the lender may include trading assets (using 10% of current book value for the calculation), and must take available equity in the personal real estate (residential and investment) of the principals as collateral.
Credit Decision: By the SBA. Qualified lenders may be granted delegated authority (PLP) to make credit decisions without SBA review.
Maximum Loan Amount: $350K
Maximum SBA Guarantee: 85% for loans up to $150,000 and 75% for loans greater than $150,000
Interest Rate: Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum
Eligibility Decision: By the SBA. Qualified lenders may be granted delegated authority (PLP) to make eligibility determinations without SBA review.
SBA Turn Around Time: 5-10 business days
Forms: SBA Form 1919 and SBA Form 1920 are required for every loan (other SBA Forms may be required)
Collateral: Lenders are not required to take collateral for loans up to $25,000. For loans over $25,000, up to and including $350,000, the lender must follow the collateral policies and procedures that it has established and implemented for its similarly-sized non-SBA-guaranteed commercial loans, but at a minimum the lender must take a first lien on assets financed with loan proceeds and lender must take a lien on all of the applicant’s fixed assets including real estate. Lender is not required to take a lien against applicant’s real estate when the equity is less than 25% of the fair market value. The lender may limit the lien taken against real estate to the loan amount.
Credit Decision: By the SBA. Qualified lenders may be granted delegated authority (PLP) to make credit decisions without SBA review.
The SBA Express program features an accelerated turnaround time for SBA review. The SBA will respond to your application within 36 hours.
Maximum Loan Amount: $1 Million
Maximum SBA Guarantee: 50%
Interest Rate: Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum
Eligibility Decision: Made by the lender
Revolving Lines of Credit: Up to seven years with maturity extensions permitted at the outset
SBA Turn Around Time: Within 36 hours
Forms: Lender primarily uses own forms and procedures, plus SBA Form 1919
Collateral: Lenders are not required to take collateral for loans up to $25,000. May use their existing collateral policy for loans over $25,000 up to $350,000.
Purchase: Lender may request expedited SBA purchase on small loans or in situations where liquidation may be delayed.
The SBA 504 Loan Program provides approved small businesses with long-term, fixed-rate financing used to acquire fixed assets for expansion. 504 SBA loans are made available through Certified Development Companies (CDCs), SBA’s community based partners for providing 504 Loans. Upwise has secured many SBA 504 loans for our clients who are trying to acquire assets,equipment, land, and buildings or renovate existing real estate owned outright.
504 Loan Structure
Understanding the loan structure is very important to securing an SBA 504 Loan. Now these 504 loans are typically structured with the SBA providing 40% of the total project costs, a participating lender covering up to 50% of the total project costs, and the borrower contributing 10% of the project costs. In some cases a borrower may be required to contribute up to 20% of the total project costs. Be prepared to put down at least 10% of the purchase price or project costs.
504 Loan Example
Total 504 projects costs for a $1,200,000 project may include the following (eligibility requirements apply to the 504 portion of the project as well as the participating lending portion):
- Building Purchase
- Land
- Renovation
- Furniture and Equipment
- Soft Costs
- TOTAL $1,200,000
Loan Structure
- $600,000, 1st lien with bank (loan obtained from a private sector lender covering up to 50% of the total project cost)
- $450,000, 2nd lien with 504 SBA loan, 20 year, fixed rate (loan obtained through a CDC, funded through an SBA-guaranteed debenture, covering up to 40% of the total project cost)
- $150,000, borrower contribution (contribution from the borrower of at least 10% of the total project cost/)
How 504 Loan Funds May Be Used
The use of proceeds from 504 Loans must be used for fixed assets (and certain soft costs), including:
- The purchase of existing buildings
- The purchase of land and land improvements, including grading, street improvements, utilities, parking lots and landscaping
- The construction of new facilities or modernizing, renovating or converting existing facilities;
- The purchase of long-term machinery ; or
- The refinancing of debt in connection with an expansion of the business through new or renovated facilities or equipment*.
The 504 Program cannot be used for working capital or inventory, consolidating or repaying debt, or refinancing (except for projects with an expansion component or that meet the temporary refinancing provisions of the Small Business Jobs Act of 2010).
504 Loan Benefits for the Small Business
The 504 Loan program offers small businesses both immediate and long-term benefits to help small business owners grow their business.
Benefits of the SBA 504 Loan Include:
- Low Interest Rates
- 80 – 90% financing – depending on the down payment required
- Longer loan amortizations, no balloon payments
- Fixed-rate interest rates
- Savings that result in improved cash flow for small businesses
504 Loan Eligibility
To be eligible for an SBA 504 Loan, your business must be operated for profit and cannot be made to businesses engaged in nonprofit, passive or speculative activities. In order to qualify for an SBA 504 loan, the borrower and business must fall within the size standards set by the SBA. Under the 504 Program, a business qualifies only if it has a tangible net worth not more than $15 million, and an average net income of $5 million or less after federal income taxes for the preceding two years prior. For additional information on eligibility criteria and loan application requirements please contact an Upwise SBA loan specialist.
Collateral
Generally, the project assets being financed are used as collateral. Personal guaranties from owners of 20% or more are also required on all SBA 504 loans.
Interest Rates and Fees
Interest rates on 504 Loans are directly correlated with the current market rate for 5-year and 10-year U.S. Treasury issues. Loan maturities can range and terms of 10 and 20 years are available. Fees may also be financed with the loan.
504 SBA Loan Refinancing Available
Example of Refinancing of an existing loan
- Current Appraised Value of Property – $1,400,000
- Outstanding Debt – $1,000,000
- 90% LTV – $1,260,000
Loan Structure
- New Bank Loan (Bank of Trust) – $700,000
- New 504 Loan – $560,000
- Borrower contribution (down payment or equity) – $140,000
- Working capital (from loan proceeds) – $260,000
504 Loan provides fixed-rate, long-term financing for up to 20 years
The Export Express program provides exporters and lenders a streamlined method to obtain SBA-backed financing for loans and lines of credit up to $500,000. Lenders use their own credit decision process and loan documentation. The SBA will respond to your application within 24 hours.
Maximum Loan Amount: $500K
Maximum SBA Guarantee: 90% for loans of $350,000 or less, 75% for loans more than $350,000
Interest Rate: Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum
Eligibility Decision: Made by the lender
Revolving Lines of Credit: May not exceed seven years
SBA Turn Around Time: 24 Hours
Forms: Lender primarily uses own forms and procedures, plus SBA Form 1919, Borrower Information
Collateral: Lenders follow collateral policies and procedures that the lender has established for its non-SBA-guaranteed loans.
Credit Decision: Made by the lender
Export Working Capital loans are for businesses that can generate export sales and need additional working capital to support these sales. Lenders review and approve applications and submit the request to the U.S. Export Assistance Center location servicing the exporter’s region.
Maximum Loan Amount: $5 Million
Maximum SBA Guarantee: 90%
Interest Rate: Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum
Eligibility Decision: By the SBA. Qualified lenders may be granted authorization to make eligibility decisions.
Revolving Lines of Credit: Terms of 12 months or less
SBA Turn Around Time: 5-10 business days
Forms: SBA-EIB 84-1, plus attachments
Collateral: Export-related inventory and receivable generated by export sales financed with EWCP funds. The SBA also requires personal guarantee of owners with 20% or more ownership.
Credit Decision: Made By the SBA.
International Trade loans provide long-term financing to businesses that are expanding because of growing export sales, or that have been adversely affected by imports and need to modernize to meet foreign competition.
Businesses can use International Trade loans for fixed assets for construction, building, real estate equipment, and for working capital for export transactions.
Maximum Loan Amount: $5 Million
Maximum SBA Guarantee: 90%
Interest Rate: Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum
Eligibility Decision: Made By the SBA.
Loan Maturity: 10 years for permanent working capital, up to 10 years for machinery and equipment or the useful life of the equipment (not to exceed 15 years), and up to 25 years for real estate.
SBA Turn Around Time: 5-10 business days
Credit Decision: Made By the SBA.