Kate Baker Of Small Business Development Center Discusses Reopening Of Federal EIDL Program
The U.S. Small Business Administration has re-opened the application window for the Economic Disaster Industry Loan program. Like the Paycheck Protection Program, EIDL is another way for businesses to receive federal support during the pandemic.
The loan program originally opened in New York on March 19th at the start of the COVID-19 shutdown. After 5 million applications, the SBA closed its EIDL portal on April 15th.
A few weeks later, with additional funding from Congress, EIDL applications reopened on May 4th, restricted to agricultural businesses only.
Now, the SBA has reopened applications for EIDL loans and the $10,000 EIDL Advance grant program.
To help explain who can apply for an EIDL loan, WAMC’s Lucas Willard spoke with Kate Baker, Interim Director of the Small Business Development Center at the University at Albany.