Co-ops have until December 31, 2021 to apply for an Economic Injury Disaster Loan (EIDL) from the U.S. Small Business Administration (SBA). Businesses may apply for a new loan or submit a loan modification to increase the loan amount.

If you missed our webinar last week with Nicola Montagna, Special Advisor for SBA’s Office of Capital Access, a recording is available online. Watch now to get up-to-speed on the EIDL program, the Targeted EIDL Advance and the Supplemental Targeted EIDL Advance. Montagna shares information on how EIDL funds can be used to address supply chain challenges and answers specific questions from cooperatives.

Watch the webinar

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All cooperatives are eligible for the EIDL program, and funds may be used for working capital including payroll and other business expenses including utilities and rent or mortgage payments. EIDL loans may also be used to pay existing debts.

In September, SBA announced several changes to the program, including increasing the cap from $500,000 to $2 million. Other changes to the program from this announcement are available here.