EIDL still open PPP is closing June 30

Jun 23, 2020

The Chambers of Commerce in the County want to notify small businesses that the PPP loans have been re-authorized and there is still money to be dispersed. If you are a small business and did not apply for a loan in the past, you may want to reconsider now. Many community banks are now open to all businesses for these loans. Likewise, if you already received a PPP you may be eligible for a 2nd round of funding. 

SBA Reopens EIDL Portal

 

SBA’s COVID-19 Economic Injury Disaster Loan (EIDL) and EIDL Advance

·     The SBA is offering low interest federal disaster loans for working capital to small businesses and non-profit organizations that are suffering substantial economic injury as a result of COVID-19 in all U.S. states, Washington D.C., and territories.

·     These loans may be used to pay debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, and that are not already covered by a Paycheck Protection Program loan. The interest rate is 3.75% for small businesses. The  interest rate for non-profits is 2.75%.

·     To keep payments affordable for small businesses, SBA offers loans with long repayment terms, up to a maximum of 30 years. Plus, the first payment is deferred for one year.

·     In addition, small businesses and non-profits may request, as part of their loan application, an EIDL Advance of up to $10,000. The EIDL Advance is designed to provide emergency economic relief to businesses that are currently experiencing a temporary loss of revenue. This advance will not have to be repaid, and small businesses may receive an advance even if they are not approved for a loan.

·     SBA’s EIDL and EIDL Advance are just one piece of the expanded focus of the federal government’s coordinated response.

·     The SBA is also assisting small businesses and non-profits with access to the federal forgivable loan program, the Paycheck Protection Program, which is currently accepting applications until June 30, 2020.

·      For additional information, please visit the SBA disaster assistance website at SBA.gov/Disaster.

Emergency Economic Injury Disaster Loans are also now REOPENED for small businesses, up to $150,000 for non-profits and $2M for small businesses. These loans can be a great way to make sure your business is capitalized for the reopening and being sustainable into the recovery phase of our local economy.

 

Please let us know if you have questions about these two important opportunities for small business to gain financial assistance during this crises.

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