If you completed an application for an SBA Economic Injury Disaster Loan (EIDL) prior to 9:30PM EDT on Sunday, March 29, 2020, the SBA is advising business entities to reapply for the EIDL using their newly updated online application process. Earlier versions of the application did not include the ability to mark a box that indicated the business’ desire to receive up to a $10,000 advance on the EIDL. According to the SBA, reapplying at this time and requesting the advance will not impact the status of your existing application and will not slow the overall process.
As a reminder, the $10,000 advance is available to all applicants for the EIDL loan to provide some immediate funding to aid your business. The advance does not have to be repaid if the EIDL application is ultimately declined. SBA guidelines provide for the advance to be funded to applicants within 3 days of submission. However, at the present time, many businesses have reportedly indicated that it took longer than the 3 days to receive the advance.
The updated application is an entirely online process and can be found here: https://covid19relief.sba.gov/#/