How it helps
EIDLs are one of two loan options available to self-employed individuals through the CARES Act. These low-interest, flat-rate loans can be used to cover expenses like paid leave, payroll (even if that means simply paying yourself), or lost revenue due to the pandemic.

When you apply, you may be able to obtain an advance of up to $10,000 and receive it in as little as three days. When used on covered expenses, this advance does not have to be paid back, even if you end up being denied for the loan itself.

How to get it
You can fill out a simple application online through the SBA website. Because, as an independent contractor, you are your own small business, you would enter your own information in the business section of the application. Qualification is based solely on your credit score. But again, you may be eligible for the $10,000 advance even if you don’t qualify for the loan. These are available on a first-come, first-served basis.

Additional resources
Chamber of Commerce step-by-step application guide
EIDL terms and conditions