The SBA has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19.
SBA’s EIDL program offers long-term, low interest assistance for a small business or non-profit. These loans can provide vital economic support to help alleviate temporary loss of revenue. EIDL assistance can be used to cover payroll and inventory, pay short-term debt or fund other expenses. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. SBA offers loans with long repayment terms, up to a maximum of 30 years. Plus, the first payment is deferred for one year.
Additionally, the EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties, and these emergency grants do not have to be repaid.
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.
If you need help and guidance with your EIDL or PPP loan applications, Manay CPA, Inc. is here in Atlanta to help and serve you in all 50 states.
If you need our assistance with either the EIDL or PPP loan applications, please contact Manay CPA for a virtual appointment.
Good thoughts for you and your loved ones.
Burcu Bree Manay, CPA, MPAc, CTC
President & Managing Partner