Alaska SBDC COVID-19 Update on SBA EIDL Process

The Small Business Administration (SBA) has made significant improvements to the Economic Disaster Relief Loan (EIDL) application website and submission process. Here is the new starting page for the SBA EIDL

If you have not yet completed your application, it appears you will be starting fresh with the new submission process. Below is a synopsis of the new application process and what to expect when completing the application:

Page 1: Disclosures
1. Verify you are a small business with less than 500 employees

2. Verify you are not an ineligible business (gambling, agriculture, cannabis, etc.)

Page 2: Business Information
1. Provide business name, EIN, legal structure, address, date established, etc.

Page 3: Ownership Information
1. Indicate if you are owned by an entity (LLC or Corp) or by an individual (Sole proprietorship)
2. Provide owner’s names, social security numbers, addresses, dates of birth, etc.

Page 4: Additional Information
1. Verify if you have any convictions, indictments, etc. Next, you will see this box asking if you have had any assistance with the application. Please complete the box with the following information:

Name of your Alaska SBDC Business Advisor: Leave blank if you haven’t talked with an advisor
Name of Company: Alaska SBDC
Phone Number: (907) 786-7201
Address: See our website for the address of the center in your area
Fee Charged: None

 

At the bottom of Page 4, you can select to be considered for an advance up to $10,000, which should be made available more quickly than the loan. Click here for more information on the Loan Advance. You will also provide your bank information for direct deposit of funds.


Page 5: Summary

Next, you will submit your application. The SBA may request additional forms or information after the application has been submitted. We are hearing reports that it may take a 5-6 week turnaround time on the EIDL.
Please remember to watch our COVID-19 Resource Center for constant updates!
COVID-19 Resource Center