SBA Expert Walks Through Applying for PPP Loan Forgiveness, the Economic Injury Disaster Loan (EIDL) Program, and More

Date: July 15, 2021

Shelley Brown from the U.S. Small Business Administration Breaks Down How to Apply for Federal Loans and Grants

Every second week, experts from NFIB’s Research Center and Small Business Legal Center create an in-depth webinar on the topics small business owners care about. These webinars are a crucial resource for any owner looking to stay informed about federal programs, taxes, regulations, and more. The webinars are always completely free. 

NFIB Legal Center Senior Executive Counsel Beth Milito and Executive Director of NFIB’s Research Center Holly Wade hosted this week’s webinar and were joined by a special guest: Shelley Brown, a Lender Relations Specialist with the U.S. Small Business Administration. 

The webinar focused on the numerous federal programs created to help owners weather damages caused by the COVID-19 pandemic. While the flagship Paycheck Protection Program (PPP) and the Restaurant Revitalization Fund (RRF) are both out of funds and closed to new applications, there are still several programs that owners can take advantage of. Shelley focused on two: the Economic Injury Disaster Loan (EIDL) and the Shuttered Venue Operators Grant (SVOG). 

Shelley explained that in April 2021, the SBA increased the EIDL loan calculations from a 6-month maximum loan amount to a 24-month maximum loan amount. In other words, the maximum EIDL loan has increased from $150,000 to $500,000. There’s no need to request an increase – if a business’ EIDL loan is increased, then the SBA will contact the owner directly. 

“Keep in mind that this is the economic injury amount,” Shelley warned. “It is not based on ‘you need $500,000, so you get $500,000.’ It doesn’t work that way. You’re applying for a loan that is [calculated based on] your credit score.” 

The SBA also gave targeted EIDL advances to some owners, up to $10,000. Some owners who applied for an advance and either received less than $10,000 or received no advance at all are now eligible to receive a full $10,000 advance. Owners who qualify – those in low income communities with 300 or fewer employees who suffered greater than 30% economic losses – will receive an email from the SBA. 

Similarly, the Supplemental Targeted EIDL Advance provides aid to the smallest and hardest-hit businesses. It’s a payment of $5,000 that does not need to be repaid. Businesses in low-income communities that suffered greater than a 50% economic loss and have 10 or fewer employees are eligible for the supplemental advance. Once more, the SBA will email you if your business is eligible. 

“If you didn’t apply last year for the EIDL and the EIDL advance, you can do so now,” Shelley said. “Go to our website now and apply. You must apply through the EIDL for the loan to qualify for any supplemental advance. You don’t need to accept the EIDL loan if you don’t want to.” 

Shelley then discussed several other programs including:  

  • The nuances of the PPP loan forgiveness process. 
  • The SVOG, which is intended for owners of venues such as theaters, museums, talent agencies, and others.  
  • Numerous SBA loans not related to COVID, such as the 7a loan. 
  • Following her presentation, Shelley took audience questions, shared her contact information and encouraged owners to email her with any additional questions. 

If you’d like to watch the webinar on-demand, it’s free here:


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