Independent Pharmacy Accounting, COVID-19

FAQ Regarding SBA Expanded EIDL Program

The U.S. Small Business Administration (SBA) recently announced that it is quadrupling the Economic Injury Disaster Loan (EIDL) cap from $500,000 to $2 million. Answers to many questions pharmacy owners have regarding the EIDL can be found in the new FAQ Regarding COVID-19 EIDL on the SBA’s website.

Key items discussed in the FAQ are as follows:
  • The EIDL may be used to “pay or pre-pay business non-federal debt incurred at any time (past or future)”.
  • Collateral requirements by loan amount
  • Personal guaranty requirements
  • Credit score requirements
  • How to increase your current EIDL

We strongly encourage you to carefully review the terms and conditions before signing a new EIDL.

For additional updates about COVID-related legislation and programs that impact independent pharmacies, visit our Media Resources page. 

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