EIDL Insurance Requirements
If you’re in a disaster area, an EIDL loan may be available to you.
According to the SBA, “Small businesses, small agricultural cooperatives, and most private nonprofit organizations located in a declared disaster area and which have suffered substantial economic injury may be eligible for an SBA Economic Injury Disaster Loan (EIDL).”
To be eligible to receive an EIDL loan, you must:
During COVID, EIDL loans were extended to small businesses recovering from the COVID-19 disaster’s economic impact. Though the timeline to apply for a COVID EIDL loan has passed, these loans are still being audited. Proof of hazard insurance is required for collateralized loans of over $25,000.
At Competitive Edge, we recommend working with a specialist– who is familiar with the SBA’s hazard insurance requirements– to ensure your insurance complies with the loan requirements.
If you are in a declared disaster area and have experienced damage to your home or personal property. As a homeowner, renter and/or personal property owner, you may apply to the SBA for a loan to help you recover from a disaster.
If you are in a declared disaster area and have experienced damage to your business, you may be eligible for financial assistance from the SBA. Businesses of any size and most private nonprofit organizations may apply to the SBA for a loan to recover after a disaster.
If you have suffered substantial economic injury and are one of the following types of businesses located in a declared disaster area ,you may be eligible for an SBA Economic Injury Disaster Loan (EIDL).
The Military Reservist Economic Injury Disaster Loan (MREIDL) provides funds to help an eligible small business meet its ordinary and necessary operating expenses that it could have met, but is unable to, because an essential employee was called-up to active duty in his or her role as a military reservist.