SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on June 15, 2020 to qualified small businesses and U.S. agricultural businesses.
Small businesses and agricultural businesses may apply for the grant, equal to $1,000 per employee of the business up to a maximum of $10,000.
The SBA disaster loans and grants include the following eligible claimants:
- Independent contractors (for whom there is expanded eligibility criteria)
- Freelancers
- Sole proprietorships, with or without employees
- Gig workers
- Small businesses with less than 500 employees
- Agricultural businesses
This means that independent contractors, freelancers, and gig workers are eligible to receive a $1,000 grant that does not have to be repaid.
The application process involves filling out a simple SBA form requesting an Economic Injury Disaster Recovery Loan, which provides for the advance even if the loan is not granted.
You must have been in business as of January 31, 2020. The grants are available until December 16, 2020, but the SBA will quickly run out of money, so you should apply as soon as possible.
The application can be found at covid19relief.sba.gov/#/.
