COVID-19 Emergency Funds
The Federal government and the SBA has made available funds through the Economic Injury Disaster Loss (EIDL) program, loans to help businesses manage through these difficult and uncertain times. In addition, SBA has made substantial changes to the traditional SBA loan programs that could have a significant economic impact to you (or your clients). The following summarizes the opportunity:
Economic Injury Disaster Loans (EIDL)
This loan is for a small business that has suffered an economic loss due to COVID-19 and is intended to provide the needed financial resources that will allow them to pay employees as well as meet other operating expenses.
Program Highlights:
- 100% SBA Guarantee
- Loans are available from $25,000 up to $2,000,000
- $10,000 grant paid with 3 days of application
- Rates: as low as 3.75% (depending on credit score)
- Term: Up to 30-year repayment
- Money in your account with 14 days of application
- Funding based upon your credit score
- Apply directly through SBA
Who can apply?
Applicants include any businesses who suffered an economic loss because of COVID-19. The loss can be from the complete shutdown of a business, as well as a slowdown in revenue for those that remain open. Some examples include restaurants, retail, hospitality, sports & entertainment venues, shipping & logistics, and auto dealers.
*** Business Owners can apply for EIDL directly through SBA website or if any assistance is needed, please contact us through the “Pre-Qualify for Loan” form.