How SBA Economic Injury Disaster Loan (EIDL) Emergency Advances Work & Where Your Small Business Can Get One

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On top of the conventional SBA financing programs, the CARES Act developed several brand-new programs to supply economic relief to small companies affected by COVID-19. There is an exception: if you currently got an EIDL loan in between January 31, 2020 and April 3, 2020, you can use for a forgivable PPP loan, re-finance your EIDL into the PPP, and have the EIDL forgiven that method. As far as payment terms on EIDL loans, term length can be up to 30 years; The interest rate is 3.75%, and you can defer your loan payments for a year prior to you begin paying on the loan. If you apply for the PPP loan as well as an EIDL, you have to use the loan earnings for different purposes.Clover POS Expert Insights 24/7  How SBA Economic Injury Disaster Loan (EIDL) Emergency Advances Work & Where Your Small Business Can Get One I hope this post has been handy.

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