The SBA is now offering small businesses and independent contractors forgivable cash advances of $10,000.
These advances may be deposited directly into your bank account within 3 days.
On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on your SBA Economic Injury Disaster Loan (EIDL). This Advance may be available even if your SBA loan application was declined or is still pending, and will be forgiven.
If you wish to apply for the Advance, visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. For additional information regarding the SBA’s low-interest small business loans, check out our post on Economic Injury Disaster Loans.
In order to qualify for the Advance, you need to submit this new application even if you previously submitted the SBA loan application. Applying for the Advance will not impact the status or slow your existing SBA loan application.