As of January 1, 2022, SBA stopped accepting applications for new COVID-19 EIDL loans or advances. This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.Create an account in the MySBA Loan Portal (lending.sba. Gov) to monitor your loan status or to make payments. Step 1: Visit the SBA disaster loan website and find your declared disaster area. Steps for Applying for an SBA Economic Injury Disaster Loan (EIDL) or any SBA Disaster Loan: 1. Your business must have suffered economic injury as a direct result of the declared disaster. In February 2024, SBA expanded the eligibility for our Hardship Accommodation Plan (HAP) for borrowers who are struggling with loan payments. EIDL loans typically require that you pledge all available assets of the business as collateral, and in some cases your personal assets as well. Many factors go into qualifying for an EIDL.