To be honest, the time it takes to process your EIDL application can differ significantly depending on application quantity, from a few days to a few weeks—but fresh applications are frequently handled within 21 days. If your loan is endorsed, the SBA will expedite loan disbursement; the loan can arrive in your bank account in 5 to 10 business days.

However, keep in mind that the EIDL approval time frame can differ depending on the number of applications the SBA receives. The Small Business Administration (SBA) launched the Economic Injury Disaster Loan program in 2020 for enterprises affected by the COVID-19 outbreak.

As the disease outbreak progressed, the program was extended to provide larger grants to eligible companies. There are criteria that must be met for the EIDL program, as well as restrictions on how EIDL loans can be used. EIDL loans, unlike PPP loans, are not forgiven; borrowers must repay the full loan amount including interest.

However, one principal advantage of the EIDL loan is that it offers better conditions than traditional loan alternatives. Economic Injury Disaster Loans currently have a set interest rate of 3.75 percent (and it’s even lower for charitable groups at 2.75 percent), a 30-year payback period, a 30-month repayment delay period, and no charges or prepayment penalties.

The SBA will determine EIDL loan amounts for a firm based on its yearly turnover, the portion lost due to the pandemic, and the number of workers. It should be noted that collateral is needed for EIDL loans in excess of $25,000. In addition, there are two Advance programs:

Targeted Advance and Supplemental Targeted Advance. If you meet the criteria, you could earn up to $15,000 in non-repayable funds. The amount of time it takes from being authorized to receiving your SBA loan is partly dependent on you.

If you are approved for an EIDL loan, you will receive an email with information regarding the amount you can borrow. The loan funds will be transferred into your company’s bank account within five to ten business days. When you apply, ensure you insert your business bank account number and routing number accurately to make sure your funds arrive on time.

Timeline for EIDL Funding

To explain how long it takes to obtain SBA EIDL funding, here are the various segments of the process (application, approval, processing, and deposit) and what you should expect.

  1. Application

Note that as of October 17, 2022, the SBA’s COVID-19 EIDL webpage is closed. The SBA seems to be no longer receiving fresh applications and is not actively reviewing loan or appeal applications.

  1. Approval

After your SBA approval is granted, you may need to wait for time, typically around 21 days. You can encounter a longer wait if the SBA has a huge amount of applications. Sadly, the only thing you can do here is to check the status of your EIDL application. You cannot hasten up the application.

  1. Account Deposit & Processing

The SBA culture specifies that funds should be available within five days after authorization. Nevertheless, numerous businesses report longer wait times. Wait times for EIDL financing differ considerably, but if everything goes as planned, you must still obtain your money within 26 days.

How to Obtain an SBA EIDL

The following are the steps to obtaining an EIDL loan:

  • Collect your data, along with revenue and business information.
  • Allow enough time for the SBA to evaluate your application.
  • Go through your proposal and sign the loan agreement.
  • Allow time for the funds to be deposited (5-10 business days)

What Can I Do With an EIDL Loan?

The EIDL funding has specific things the loan can be used for. The funds obtained through the EIDL program, either for a loan or an Advance can only be used for ordinary business expenditures. These are some examples:

  • Payroll
  • Worker health benefits
  • Rent
  • Utilities
  • recurring debt payments
  • Repairs
  • Inventory replacement
  • Commercial debt prepayment
  • Paying off federal commercial debt

How to Check EIDL Loan Application Status

Having to wait for your application to be approved is perhaps the most difficult aspect of applying for an SBA disaster loan. Fortunately, there are several ways to determine the progress of your application:

  • By Phone: SBA Disaster Assistance Customer Service Center: 1-800-659-2955 (TTY/TDD: 1-800-877-8339) Online: or via the SBA portal (Monday through Sunday, 8 a.m. to 8 p.m. ET)
  • By email, please contact

Explore the SBA portal or call the customer service phone number mentioned above to determine the progress of your loan. You can also send an email to


If you are able to qualify for an SBA EIDL loan, the application process is straightforward. Don’t fear if you’re not able to qualify for an EIDL loan or an EIDL loan increase.

You still have a number of fundraising options at your disposal. If you have excellent credit, consider other SBA loans or term loans from banks. If this is not the case, you could still be eligible for short-term loans and merchant cash advances.