Alerts and Updates
Update – Small Business Administration Simplifies Economic Injury Disaster Loan Application
March 26, 2020
Note: This is an update to our previous Alert on this subject.
The Small Business Administration’s Economic Injury Disaster Loan (EIDL) program continues to evolve rapidly. The SBA website now shows a simplified EIDL application process with a reduced number of forms that initially need to be submitted.
The EIDL application now requires only two forms: (1) the Business Loan Application (Form 5) or Home or Sole Proprietor Loan Application (Form 5C), and (2) the Economic Injury Disaster Loan Supporting Information form. A disaster assistance loan officer may request the additional forms (listed in our prior Alert) previously required after the application is submitted, but they are no longer needed for the initial application. Other aspects of the application process so far remain the same.
About Duane Morris
Duane Morris has created a COVID-19 Strategy Team to help organizations plan, respond to and address this fast-moving situation. Contact your Duane Morris attorney for more information. Prior Alerts on the topic are available on the team’s webpage.
For Further Information
If you have any questions about this Alert, please contact Sandra G. Stoneman, Nanette C. Heide, any of the attorneys in the Private Equity Group, any of the attorneys in the Emerging Businesses Group, any member of the COVID-19 Strategy Team or the attorney in the firm with whom you are regularly in contact.
Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.