On March 27, 2020, President Trump signed the CARES Act that, among a host of other things, provides relief to small businesses in the form of low interest (and in some cases 100% forgivable) loans. To expedite this relief, the U.S. Small Business Administration (SBA) is now allowing eligible businesses to take an advance up to $10,000. This Advance may be available even if your Economic Injury Disaster Loan (EIDL) application was declined or is still pending, and may be forgiven.
If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.
This new application will take less than ten minutes and the SBA is claiming to have the funds in your bank account within three business days.