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.
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 businesses can receive up to $2 million in support with as much as a $10,000 grant included.
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.
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.
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.
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.
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.
Apr 1, 2020
Mar 30, 2020