PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

EIDL Re-Opening: SBA Loan Portal Opens Back Up to All Eligible Small Businesses

By at 15 June, 2020, 8:25 pm

NEWS

For Immediate Release

Washington, D.C. – The Small Business Administration (SBA) announced that it is re-opening its Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible small businesses. For a period of time, the portal was only accepting applications from agriculture-related small businesses. Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan praised the move.

“Access to capital remains a top problem for many small businesses during the re-opening and recovery period. Re-opening the EIDL portal to all eligible small businesses is critical to a balanced and inclusive recovery across the country and economy. We are pleased small businesses across sectors will have a shot at getting the financing they need,” said Kerrigan.

In her testimony on the EIDL program before the House Small Business Committee on June 10, Kerrigan noted that it was a good idea for the CARES Act to allow agricultural-related small businesses into the program. However, the exclusive and extensive window provided by the SBA for agriculture business only – which shut out other industries – was unfair to many local businesses that serve as the economic engines in diverse communities across America.

“Given the great need across sectors and in every corner of the country it is important that small businesses have equitable access to these critical SBA loan programs. It is very good news that the portal has been re-opened and the process has been re-tooled with new technology, which will hopefully address early problems experienced by small business applicants,” added Kerrigan.

It is unclear how much in total funds are available for the EIDL portal re-opening.

Related content:

Congress Shifts to EIDL Oversight: SBE Council Testifies Before the House Small Business Committee, SMALL BUSINESS INSIDER blog post, June 15, 2020.

Kerrigan Review of EIDL Hearing: The View from Main Street, PODCAST with Karen Kerrigan, June 12, 2020.

Contact:  
Karen Kerrigan, SBE Council president & CEO
e-mail: 
kkerrigan@sbecouncil.org   

SBE Council is nonpartisan advocacy, research and education organization dedicated to protecting small business and promoting entrepreneurship. For 25 years, SBE Council has worked on and advanced a range of private sector and public policy initiatives to strengthen the ecosystem for strong startup activity and small business growth. Visit www.sbecouncil.org @SBECouncil

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