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Don’t close your business because of Coronavirus. Get back on track today with Wealth Management Financial Advisors EIDL Assistance.
SBA Economic Injury Disaster Loan (EIDL) Assistance
Under the CARES Act, the US Small Business Administration (“SBA”) has provided $659B through the Paycheck Protection Program (“PPP”) and another 190B through the Republican HEALS Act or Democratic Heroes Act expected soon.
The Economic Injury Disaster Loans (“EIDL”) programs to assist small businesses impacted by the COVID-19 pandemic. While those funds were quickly depleted, US Fund Source expects that a new round of funding for both programs is right around the corner. To take advantage of both programs once they open again, it is imperative you prepare your applications now. Wealth Management Financial Advisors can help you prepare these applications so you can get the funding you need as quickly as possible.
The SBA Economic Injury Disaster Loan program provides low-interest loans to businesses recovering from declared disasters, including COVID-19.
Loan proceeds can be used to cover costs such as payroll, accounts payable, operating expenses, fixed debt and other costs companies can’t pay due to the coronavirus crisis.
The loan is administered and funded by the SBA.
How Much Can You Borrow?
Loan maximums will vary depending on your business’s unique financial profile, but SBA disaster loans are capped at $2 million.
Who Is Eligible?
Small business owners such as
Artist, Independent Contractors, Sole Proprietors, Self-Employed with No Employees, Can Get an EIDL Loan.
And non-profits in all U.S. states and territories experiencing economic hardships caused by the coronavirus pandemic are eligible to apply.
What Is The Interest Rate?
Interest rates are fixed at 3.75% for small businesses and 2.75% for non-profits.
Are SBA PPP Loans The Same As Disaster Loans?
PPP loans differ from Economic Injury and Disaster Loans (EIDLs). PPP loans are available to all US businesses based on the requirements above.
EIDLs are also available for small businesses in designated areas (right now that’s classified as all US states and territories) that have suffered an economic hit because of the COVID-19 pandemic, though the requirements are more stringent. Unlike PPPs, EIDLs/disaster loans must be repaid in full.
What Is The Repayment Term?
Terms are available for up to 30 years.
What Is The Economic Injury Disaster Loan Grant?
All small businesses and non-profits that apply for an Economic Injury Disaster Loan are eligible to receive up to a $10,000 grant. Funds will be made available within 3 days of a successful EIDL application. Grant proceeds do not have to be repaid. Your grant amount will be based on your annual revenue and the cost of goods sold over the past 12 months.
After you submit all required information and documentation through our application assistance service, a US Fund Source business consultant will help prepare and submit your EIDL package.
The SBA will process your application and timing could take anywhere from 2 weeks to 90 days. An EIDL advance will be issued to eligible applicants within 3 days of receiving and SBA confirmation number.
If you meet the minimum requirements to apply for a disaster loan, the grant will be available to you whether or not your loan application is approved.