Updates to COVID EIDL Loans
Has your business suffered due to COVID? Small business owners can apply for the COVID-19 Economic Injury Disaster Loan (EIDL) until the end of the year. There have been updates to the program that could help your business even more!
Q: How much money can I borrow?
A: Up to $2 Million
Q: What are the terms of the loan?
A: 30 Years, with an interest rate of 3.75% fixed for Businesses or a rate of 2.75% fixed for private, non-profit organizations.
Note: There is a deferment period of two years automatically, but interest still accrues. There are 28 total years of payments.
Q: Is collateral required?
A: Not for loans under $25,000
Q: How can I use the loan?
A: According to the SBA "Working capital to make regular payments for operating expenses, including payroll, rent/mortgage, utilities, and other ordinary business expenses, and to pay a business debt incurred at any time (past, present, or future)."
Q: Where do I apply for this loan?
A: The website to apply is sba.gov/eidl. There is no bank or financial institution needed to acquire this loan.
The Deadline to apply is December 31st, 2021! Apply now to avoid a big rush of applications at the end of the year!
Q: What if I have an EIDL already, but I need more money?
A: You can apply for an increase in your existing portal.
For more information, please see the SBA's website.