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[EIDL] New grants and loans for small businesses, 6.16.20

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The U.S. Small Business Administration announced June 15 that it is again opening up its Economic Injury Disaster Loan (EIDL) grant and loan program.

Small businesses with fewer than 500 employees can apply for a grant, equal to $1,000 per employee of the business up to a maximum of $10,000.

The application process involves a form requesting an Economic Injury Disaster Recovery Loan, which provides for the advance even if the loan is not granted.

Your business must have been operating as of Jan. 31, 2020. The grants are available until Dec. 16, 2020, but the administration is expected to quickly run out of money, so you should apply as soon as possible.