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 standard SBA funding programs, the CARES Act established numerous new programs to provide financial relief to small organisations affected by COVID-19. There is an exception: if you currently received an EIDL loan in between January 31, 2020 and April 3, 2020, you can apply for a forgivable PPP loan, re-finance your EIDL into the PPP, and have the EIDL forgiven that way. As far as repayment 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 start paying on the loan. If you use for the PPP loan as well as an EIDL, you have to use the loan profits for different functions.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 valuable.

There is an exception: if you already got an EIDL loan between January 31, 2020 and April 3, 2020, you can apply for a forgivable PPP loan, refinance your EIDL into the PPP, and have the EIDL forgiven that way. As far as repayment 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 start paying on the loan.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 practical.

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