Emergency Economic Injury Grant (EEIG)

A second round of funding for PPP loans has been approved. Due to overwhelming demand, we anticipate that the second round of funds will also run out quickly. Apply through Lendio to be matched with an SBA lender. Lendio is not a lender, and an application submitted through Lendio does not guarantee you will receive a PPP loan.

Is an Emergency Economic Injury Grant right for your business?

What’s the EEIG? How’s it different than the EIDL? Can you get both? We’ll break it down for you so you can get the COVID-19 relief you need.

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Small Business Loans

Loan Use

An Economic Injury Disaster Loan (EIDL) is designed to help your business cover day-to-day expenses, and an EEIG is intended to help you get those funds faster.

Small Business Loans

Loan Amount

Small businesses can receive up to $2 million in support with as much as a $10,000 grant included.

Small Business Loans

Eligible Businesses

Your business may be eligible if it has fewer than 500 employees, is a private nonprofit organization, sole proprietorship, or if you’re an independent contractor.

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What is an Emergency Economic Injury Grant (EEIG)?

An Emergency Economic Injury Grant (EEIG), Economic Injury Disaster Loan Grant, and EIDL Grant are all the same thing, and what the SBA calls an “advance” on your Economic Injury Disaster Loan (EIDL). While it may help people to think of it as a grant, it’s really an up-to-$10,000 advance on your loan that the government decided you don’t need to pay back. Additionally, the EEIG funds are supposed to hit your bank within 3 days of applying for your EIDL.

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How Do You Apply for an EIDL and EEIG?

Due to the increased need for Economic Injury Disaster Loans (EIDL), the process is now more streamlined. You will need to provide some standard information about your business and earnings, but it’s pretty much a level-one, get-it-done-fast kind of process with the opportunity to unlock a nice $10,000 boost.

EIDL EEIG infographic

 

It couldn’t be easier to get your EEIG. Seriously, all you need to do is check the little box next to “I would like to be considered for an advance of up to $10,000.” That’s it. Just check the box.

Boom. Done. Level up.

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Can Every Small Business Get $10,000?

As awesome as it would be for the government to give everyone $10,000, you still need to apply for the EIDL, and then the amount will vary between businesses. It’s also crucial to note the grant money comes from a $10 billion pool, and once it’s gone, it’s gone. So don’t wait around. If coronavirus impacted your business, let Lendio help you sort it out. We’ll be there with you every step of the way.

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What Are Some Other SBA Loan Options?

In addition to the Economic Injury Disaster Loan and Emergency Economic Injury Grant, there are several options that might be better suited for your small business needs—like the Paycheck Protection Program (PPP) or other SBA loans.

Quotes

I have been working with Travis Hahn. He has been very patient and understanding with my current situation and struggle. All small businesses are struggling right now and we need more individuals like Travis to help us find the correct resources. Travis has helped me with uploading the correct forms and has been very clear on how to protect my business. I highly recommend working him.

– Tyler

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