Money is also an important source to make your business successful. If you have no longer sales, then you would not be able to pay your employees’ salary, you would not be able to manage the expenses of your business, and you also would not be able to keep your business afloat.
Before two years ago, when the COVID-19 pandemic came, various businesses shut their doors for some time with high losses. Their business was struggling with major monetary losses. But with the economic injury disaster loans, they can get back their business on track. So, what exactly is an economic injury disaster loan? To learn what they are, how to apply for an SBA loan, and how they can help your business, continue reading!
What Is Exactly An Economic Injury Disaster Loan?
This loan is a part of the economic relief plan due to the coronavirus situation’s impact on the economy. The Small Business Administration manages them. The main aim of the EIDL loan is to help the small business owners fulfill their financial responsibilities as they would have if the pandemic had not happened. This loan allows the businesses to continue running their business at this time. Due to the economic injury, it will not replace any loss of revenue.
How Do You Apply For EIDL Loan
Step 1: Go to the SBA disaster loan official website
Firstly visit the official website, then the SBA’s disaster loan assistance page gives you an overview of all the information about the loan applications and eligibility criteria.
|Pro tip – make sure the site is the real small business association at SBA.gov before entering any personal details.|
Step 2: Make an account & check your eligibility
You may complete an online application if your business Dallas within the variables of the economic injury disaster loan program. Firstly, you have to create a login.gov account to apply for the loan securely, and at that moment, you will need to verify yourself with your identity like:
- Your social security number
- An ID which is issued by the state government
- When you enter the phone number, you will get a verification code.
- You may continue the online application process once you are certified with your identity and personal details.
Step 3: Provide all the information related to the business
To complete the next step of the online application process, you will need to have various handy pieces of business information, including:
- The trade and legal name of the business
- Social security number and federal number
- Fill in the date when your company was founded
- Number of employees
- Gross revenue
- Cost of sold goods & services
Step 4: Provide businesses information
In the next step, you have to fill in the business owner’s information. For each owner, there is a separate page, and the following data per owner is required:
- Phone number
- Home address
- Citizenship status
- Percentage of business ownership
- social security number
- Place and date of birth
Step 5: Enter extra information
The page of the loan application is broken into various sections. The first section of the application requires answers to questions about the criminal history or any other previous issues. The second section requires the name and the contact information of the applicant. The last section asks the bank’s information where you want to fund your loan. After clicking, NEXT will take you to a final page. Before you do so, check once again all the information is correct. There is a control number known as OMB on the top right of the application form. Write the number down and save it.