SBA Economic Injury Disaster Loans (EIDL)

By June 8, 2021 No Comments

ABOUT:

This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.

ELIGIBILITY:

Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to COVID-19.

Agricultural businesses with 500 or fewer employees are now eligible as a result of new authority granted by Congress in response to the pandemic.

Agricultural businesses include those businesses engaged in the production of food and fiber, ranching, raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).

SBA Approves Simple 1-Page PPP Forgiveness Application for Loans of $50,000 or Less:

The Small Business Administration (SBA) has released a simple one-page forgiveness application for Paycheck Protection Program (PPP) borrowers who obtained loans of $50,000 or less. The new application removes calculations required on prior forms and simplifies documentation requirements. Read more about it here.

What if your EIDL Was Denied?

If your COVID-19 Economic Injury Disaster Loan was declined, you can request reconsideration within six months of the date of the decline letter. Include your application number and information required to overcome the reason for decline. You can send this information via email to [email protected] or mail to the U.S. Small Business Administration Disaster Assistance Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155.

HOW TO APPLY:

Visit here for more information and application to apply for this loan.