SBA Loans:
EDIL
- Now Accepting New Applications for Economic Injury Disaster Loans and Advance: On June 15, SBA
- If already applied, it is first come, first served
- You will go to the same place, SBA.GOV and go to the Disaster Loan Assistance page, and then click on apply
- To access the advance (which you are calling the emergency grant) , you would just start the application, and the advance is just part of that process
- The loan parameters are the same as before
- Must have been in business by Jan 31,2020
- Small business according to SBA regulations, or a business that employees fewer than 500 employees
- Includes full time or part time employees
- Above $200Kall 20% or more owners must guarantee the loan
- More board expenses category including payroll and other expenses. It can include future obligations that cannot be met due to the economic loss of Coronavirus
- $2 MM
- 3.75%, and 2.75% for nonprofits
- Up to 30 years (underwriting is needed)
- You can still apply even if you have credit available elsewhere such as credit lines or credit cards
- First month’s payment is deferred for a year from the date of the note
- Only the $10K advance can be forgiven
- Up to $10k can be requested as an advance for working capital and is expected to be paid within 3 days if approved
- Credit check (Mandatory)
Other available Relief Loans
SBA Express Bridge Loans
- Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
- Fast turnaround
- Will be repaid in full or in part by proceeds from the EIDL loan