Who is eligible for EIDL? What exactly is the difference between EIDL loan and PPP?Notice: the COVID-19 EIDL program is not accepting new applications, increase requests, or reconsiderations. Steps for Applying for an SBA Economic Injury Disaster Loan (EIDL) or any SBA Disaster Loan: 1. A personal guarantee will be required. Credit History Applicants must have a credit history acceptable to SBA. • Repayment – Applicants must show the ability to repay the loan. The SBA must review your financial statement and one for each partner, officer, director and stockholder with 20 percent or more ownership.