Whether your business was struck by the effects of COVID-19, a flood, or some other disaster, the US Small Business Administration (SBA) can help.

Its Economic Injury Disaster Loans, or EIDL loans, offer working capital to help businesses recover from all kinds of disasters. Best of all, these disaster loans come with super-low interest rates, making them excellent loans for all kinds of businesses.

In this guide, we’ll tell you more about how the EIDL program works and how to submit an EIDL application (for both COVID-19 loans and others) so you can get the disaster assistance your business needs.

Economic Injury Disaster Loan 101

Pros
Pro BulletLow interest rates
Pro BulletLong repayment terms
Pro BulletModerate borrower requirements
Cons
Con BulletLong funding times
Con BulletNo loan forgiveness

As we’ve said, Economic Injury Disaster Loans are a type of working capital offered by the SBA.

Note that EIDL loans are actually just one type of SBA disaster loan. (There are also physical disaster loans, home and personal property disaster loans, and Military Reservists Economic Injury Disaster Loans.) They’re designed specifically to help businesses weather the economic effects of a disaster.

What kind of disasters, you ask? Well, the SBA issues disaster assistance in response to many kinds of disasters, from pandemics to tornadoes to droughts.

And no matter the disaster, your EIDL loan will come with a few big perks (like pretty much all SBA loan options do). You won’t have to pay much in interest, you’ll get a long time to repay your loan, and you won’t have to meet super strict borrower requirements―all of which make EIDL loans ideal for businesses trying to get back on their feet.

But let’s get more specific and talk about specific SBA EIDL loans.