EIDL Loan Program to Assist Small Business Owners in COVID-19 Times

Small business owners have an opportunity to receive assistance during the COVID-19 pandemic with the Economic Injury Disaster Loan (EIDL) Emergency Advance program. The program was rolled out on the federal level from the CARES Act.

Small businesses can apply for it through the Small Business Association's website and it's funded directly through treasury.

"At the end of the application, you can select an option to be given an advance on the loan," said Ron Cridlebaugh, Chelan Douglas Regional Port Authority director of economic and business development. "The nice thing about that is the advance doesn't have to be paid back."

The advance can be up to $10,000. The advance is funded in 3-5 days and even if a small business is denied for the loan, the advance payment can be kept.