Can you get two eidl loans for one business

## Can You Get Two EIDL Loans for One Business?

**Yes**, you can get two EIDL loans for one business. The Economic Injury Disaster Loan (EIDL) program is a loan program that provides financial assistance to small businesses and non-profit organizations that have been affected by a declared disaster. The EIDL program is administered by the U.S. Small Business Administration (SBA).

**The EIDL program offers two types of loans:**

* **EIDL Loans:** These loans are available to businesses that have suffered economic injury as a result of a declared disaster. EIDL loans can be used to cover a wide range of expenses, including payroll, rent, utilities, and inventory.
* **EIDL Advance:** These loans are available to businesses that have suffered severe economic injury as a result of a declared disaster. EIDL advances are not required to be repaid.

**Businesses that have already received an EIDL loan may be eligible for a second EIDL loan.** The second EIDL loan is known as the Targeted EIDL Advance. The Targeted EIDL Advance is available to businesses that have suffered a 50% or more reduction in revenue as a result of the COVID-19 pandemic.

**To be eligible for a Targeted EIDL Advance, businesses must also meet the following criteria:**

* Be a small business or non-profit organization
* Have fewer than 500 employees
* Have a physical location in the United States
* Have been in operation for at least one year
* Have suffered a 50% or more reduction in revenue as a result of the COVID-19 pandemic

**The amount of the Targeted EIDL Advance is based on the business’s average monthly revenue for the year prior to the pandemic.** The maximum amount of the Targeted EIDL Advance is $10,000.

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**To apply for a Targeted EIDL Advance, businesses must complete an application through the SBA’s website.** The application process is similar to the application process for the EIDL loan.

**Businesses that have already received an EIDL loan can apply for a Targeted EIDL Advance by logging into their SBA disaster loan portal account.**

## How to Apply for Two EIDL Loans

**To apply for two EIDL loans, you will need to complete two separate applications.** The first application will be for the EIDL loan. The second application will be for the Targeted EIDL Advance.

**You can apply for both loans online through the SBA’s website.** The application process is the same for both loans.

**When you apply for the EIDL loan, you will need to provide the following information:**

* Your business’s name and address
* Your business’s tax ID number
* Your business’s average monthly revenue for the year prior to the disaster
* Your business’s total expenses for the year prior to the disaster
* Your business’s current financial situation
* Your business’s plans for using the loan proceeds

**When you apply for the Targeted EIDL Advance, you will need to provide the following information:**

* Your business’s name and address
* Your business’s tax ID number
* Your business’s average monthly revenue for the year prior to the pandemic
* Your business’s total expenses for the year prior to the pandemic
* Your business’s current financial situation
* Your business’s plans for using the advance proceeds

**The SBA will review your application and make a decision on whether to approve your loan or advance.** If your application is approved, you will receive the loan or advance proceeds in your bank account.

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## Benefits of Getting Two EIDL Loans

**There are a number of benefits to getting two EIDL loans.** These benefits include:

* **Increased financial assistance:** Two EIDL loans can provide you with more financial assistance to help you recover from a disaster.
* **Lower interest rates:** EIDL loans have low interest rates, which can save you money on your monthly payments.
* **Long repayment terms:** EIDL loans have long repayment terms, which gives you more time to repay your loan.
* **No prepayment penalty:** There is no prepayment penalty if you pay off your EIDL loan early.
* **Tax benefits:** EIDL loans are not taxable, which means you can save money on your taxes.

## Conclusion

**If you have been affected by a disaster, you may be eligible for an EIDL loan and a Targeted EIDL Advance.** These loans can provide you with the financial assistance you need to recover from the disaster and get your business back on its feet.

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