Economic Injury Disaster Loan Calculator
Calculate EIDL loan payments, forgivable advances, and payment schedules
Loan Details
Maximum: $2,000,000 for working capital
Maximum: 30 years
Affects forgivable advance calculation ($1,000 per employee, max $10,000)
COVID-19 EIDL loans typically defer payments for 1 year
Emergency Advance (Forgivable)
Advance Requirements
- • Can be forgiven if used for payroll, sick leave, or mortgage/lease payments
- • Maximum $10,000 regardless of employee count
- • Received within days of approval
- • Does not need to be repaid if used for eligible expenses
Loan Calculation Results
Qualification Status
EIDL Program Highlights
Maximum working capital loan
Forgivable emergency advance
Interest rates for business/nonprofit
Maximum loan term
Eligibility Requirements
Business Size
- • ≤ 500 employees
- • Independently owned
- • For-profit or qualifying nonprofit
Location
- • Located in declared disaster area
- • Place of business in U.S.
Requirements
- • Credit score evaluation
- • Tax record review by SBA
- • Economic injury due to disaster
Understanding Economic Injury Disaster Loans
What is an EIDL?
The Economic Injury Disaster Loan (EIDL) program provides low-interest loans to small businesses and nonprofits that have suffered substantial economic injury due to declared disasters, including the COVID-19 pandemic.
Key Benefits
- Low interest rates (3.75% business, 2.75% nonprofit)
- Up to $10,000 forgivable advance
- No personal guarantee for loans ≤ $200,000
- No collateral required for loans ≤ $25,000
- Payment deferment options available
Forgivable Advance
Calculation
$1,000 per employee up to a maximum of $10,000. This advance does not need to be repaid if used for eligible expenses.
Eligible Uses
- • Payroll costs and employee benefits
- • Paid sick leave
- • Mortgage or lease payments
- • Other qualifying business expenses
Determine Eligibility
Check if your business meets size and location requirements
Calculate Loan Needs
Determine loan amount and potential forgivable advance
Apply Through SBA
Submit application via SBA's online portal