The CARES Act, among other things, expanded the SBA’s Economic Injury Disaster Loan Program. Borrowers can receive $10,000 in an emergency grant cash advance that can be forgiven if spent on certain expenses like paid leave, maintaining payroll, mortgage or lease payments. If you applied for the SBA’s Economic Injury Disaster Loan before 3/30/2020 and you want to receive your forgivable $10,000 loan advance, you must reapply at the SBA’s newly launched portal. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
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