Economic Injury Disaster Loans (EIDL) | Lead Bank

Economic Injury Disaster Loans

The CARES (Coronavirus Aid, Relief, and Economic Security) Act expands or establishes multiple loan programs for qualifying businesses.  The CARES Act extends the EIDL (Economic Injury Disaster Loans) program previously aimed at natural disasters to include the COVID-19 crisis. The CARES Act also authorized $10 billion in emergency grants to applicants for EIDLs, with a maximum of $10,000 per emergency grant. The grants are required to be dispersed within three days of the applicant filing an application and are not required to be repaid even if the applicant is subsequently denied an EIDL. Please note that the EIDL program is subject to the same SBA affiliation rules issues as the PPP (Paycheck Protection Program) Loans, so some companies may be ineligible. 

How it works

  • Who’s eligible?  Small Business or private non-profit organizations that have sustained economic injury. Note: SBA's company size eligibility (taking into account the SBA's affiliation rules) must be satisfied. 
  • Who can make EIDLs?  Applications for the EIDL program must be made directly with the SBA on the SBA's website here. 
  • What does the loan cover? The loan must be used for fixed debts, payroll, accounts payable, and other bills that can't be paid because of COVID-19’s impact.
  • How is the loan structured?  The amount of the secured loan can be up to $150,000 per borrower (dependent on ability to repay and creditworthiness).  Note: the CARES Act waives the requirement that the company must not be able to get credit elsewhere.  Terms up to 30 years to repay (determine on a case by case basis).  Additionally, some company owners may need to guarantee EIDLs, but the CARES Act exempts loans of less than $200,000 from this requirement.

If you have questions about an EIDL, please contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or by e-mail at


Paycheck Protection Program

The PPP is intended to provide small businesses with cash-flow assistance through federally guaranteed loans.


Other CARES Act Provisions

Additional CARES Act Provisions include CESA and Loan Forgiveness Provisions.