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Economic Injury Disaster Loan Emergency Advance (EIDL)

Created by Tibor Pál, PhD candidate
Reviewed by Dominik Czernia, PhD and Jack Bowater
Based on research by
U.S. Small Business Administration;See 1 more source
Cipra T. Financial and Insurance Formulas; 2006
Last updated: Nov 02, 2023

Many of us are already suffering through the severe impact of the COVID-19 pandemic. While social distancing, self-isolation, and travel restrictions inevitably affect our daily life, the economic burden of the crisis is particularly critical. Actions taken to contain the contagion and protect our health, unavoidably have economic implications. The declining need for commodities and manufactured products leads to a shrinking workforce and causes many jobs to be lost. Considering that small businesses account for about half of the employment in the U.S.A's private sector, where they created nearly every 2 out of 3 new jobs between 2005 and 2019, it is necessary for the survival of the country to support this sector during such a difficult time. Moreover, their weaker ability to endure losses and obtain loans, when compared to large enterprises, make small businesses particularly vulnerable, and place them in the front line of the crisis.

For these reasons, the U.S. government activated the Economic Injury Disaster Loan Emergency Advance (EIDL), which provides forgivable relief of up to $10,000 to businesses currently experiencing temporary difficulties.

If you are either considering applying, or already involved in the program, you can use this EIDL calculator to check your monthly installments, and review the possible repayment schedules created by different payback scenarios.

Note that you can apply for both a Paycheck Protection Program (PPP) loan and a EIDL, as long as you don't use the funds from each loan for the same expenses. For the former, you may apply our Paycheck Protection Program loan calculator.

Important note: the U.S. Small Business Administration (SBA) has suspended the first round of the Economic Injury Disaster Loan (EIDL) COVID-19 related assistance program (including EIDL Advances). Agricultural businesses, however, can apply again to the facility on a limited basis. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For the timely follow-ups, check the SBA's application portal.

What is EIDL calculator?

The Economic Injury Disaster Loan Emergency Advance (EIDL) Calculator is a handy tool that helps you to compute the monthly payments, and study the payment details of your EIDL.

By analyzing your EIDL liability from multiple angles, we can help you make the right decision, or, if you have already applied, help with the financial planning of your business. Besides, we also provide you with the most relevant details about this particular loan, so you can get familiar with it easily.

Who can apply? - Do I qualify for the program?

As we mentioned, at the moment, only agricultural businesses can apply for the Loan Advance. More specifically, according to the SBA, the new eligibility is the following:

  • Agricultural businesses includes those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)); and
  • The SBA is encouraging all eligible agricultural businesses with 500 or fewer employees wishing to apply to begin preparing their business financial information needed for their application.

As for the general EIDL eligibility, your business must both meet the definition and size standards for a small business and be located in a declared disaster area to be eligible for an EIDL.

Definition standards

According to the Small Business Administration, a small business:

  • is a profit-seeking organization;
  • has a place of business in the U.S.;
  • when the business operates primarily in the U.S., or makes a significant contribution to the U.S. by tax payments or use of American products, materials, or workforce;
  • is independently owned and operated; and
  • is not dominant in its field on a national basis.

Size standards

In general, a business that operates with no more than 500 employees is a small business. For a specific qualification, however, the SBA Table of Small Business Size Standards provides guidance.

Location standard

Basically, all states in the U.S.A. are involved in the program.

EIDL loan specifications

According to the SBA's guide, the following loan parameters apply for EIDL:

  • COVID-19 related EIDL loans include an immediate forgivable advance of up-to-$10,000 ;
  • The amount of your forgivable advance is determined by number of employees, at $1,000 each;
  • A maximum $2 million working capital loan;
  • The interest rate is 3.75% for businesses and 2.75% for non-profits;
  • The loan term is up to 30 years long;
  • Payments on Coronavirus EIDL loans are deferred for one year - while interest is accrued during this period, it is capitalized (added to the loan principal) only after the year has passed;
  • Up to $200,000 can be approved without a personal guarantee;
  • Approvals can be based on a credit score, and no first-year tax returns are required;
  • Borrowers don't have to prove they could not get credit elsewhere;
  • No collateral is required for loans of $25,000or less;
  • For loans of more than $25,000, general security interest in business assets will be used for collateral instead of real estate; and
  • The borrowers must allow the SBA to review its tax records.

How do I apply?

Since the Small Business Administration (SBA) provides funding for EIDLs, the application is available on their website. The EIDL application process for COVID-19 has been streamlined, so it should take around 2 hours to complete.

When should I expect the funds?

After applying, you will be assigned a loan officer. The faster you reply to any inquires they have, the quicker the application will be. You should receive your loan advance within days in case of a successful application.

Note, that the entire loan advance (up to $10,000) can be forgiven only if you use the money for paid leave, maintaining payroll, mortgage, or lease payments. Considering the excessive amount of applications, the EIDL loan will probably follow after a more prolonged time.

If you think about switching to another mortgage construction with a lower monthly payment, you may check our mortgage refinance calculator, which could support your decision.


The results of the calculator should be considered as a close approximation financially. All monthly payment figures, loan balances, and interest figures are estimates based on the data you provided in the specifications that are, despite our best effort, possibly not exhaustive. For this reason, the calculator is created for instructional purposes only.

Tibor Pál, PhD candidate
Related calculators
If your business is affected by the COVID-19 pandemic, you may also find our Paycheck Protection Program Loan (PPP) calculator useful.
Loan specification
Type of formation
Approved loan amount
Forgivable advance
Date of the loan origination
Loan term
Extra monthly payment
Extra payments from
Payment summary
You may receive a $10,000 forgivable advance if you apply for an EIDL loan to alleviate the negative economic effects of COVID-19.
After deducting the forgivable advance, you will need to repay $140,000.
During the repayment period, you need to pay $1,112.62 monthly, and you will pay off the loan on 22.04.2039.
After the automatic one-year deferment, the first payment will be due on 22.05.2025.
The total payable amount is $186,920.81, which includes an interest payment of $46,920.81.
Balances and schedules
yearly payment schedule
YearYearly paymentYearly principalYearly interestClosing balance
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