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June 16, 2020 | Posted in:

EIDL and Advance Program Reopens

The SBA’s Economic Injury Disaster Loan has been closed since May 4, 2020, to allow agriculture businesses to apply for relief. On June 15, 2020, the portal has been reopened for eligible applicants to apply for both the SBA’s EIDL and Advance Program. The Economic Injury Disaster Loan application provides long-term, low-interest loans to help small businesses and non-profits survive this difficult time. In addition, the EIDL advance program could potentially provide up to $10,000 ($1,000 per employee) in grant funding for businesses. The EIDL advance emergency grant is not required to be repaid.

Information about EIDL & Advance Program

  • EIDL can be used to pay debt, inventory, payroll, accounts payable, and other bills not already covered by the Paycheck Protection Program (PPP)
  • These disaster loans are low interest, long-term loan repayments
    • Interest rate for small businesses: 3.75%
    • Interest rate for non-profits: 2.75%
    • Up to 30-year repayment term
    • The first repayment is deferred for one year
  • EIDL Advance grant up to $10,000
    • $1,000 per employee
    • Does not need to be repaid
    • If a business is not approved for EIDL, it may still receive an advance

Apply for the EIDL & Advance Program Here

 

PPP Loans Still Available

The SBA is still accepting applications for the Paycheck Protection Program loan until June 30, 2020. Make sure you do not miss the cut off to apply for this potentially forgivable loan.

Contact Us

Please contact your Alloy Silverstein accountant and advisor if you have any questions or concerns. You may also email solutions@alloysilverstein.com.

 

COVID-19 Resource Center from Alloy Silverstein CPA Firm Accountants and Advisors NJ

 

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