The COVID-19 pandemic has filled the whole world with uncertainty. Moms and dads are homeschooling their kids, many companies have closed their doors or altered their operations, and workers have actually been laid off. If you’re a little business owner searching for financial relief, you may face another unpredictability: when you’ll actually get your Small Business Administration( SBA) Economic Injury Disaster Loan and Emergency Advance. Numerous small company owners facing financial difficulties have actually made an application for the EIDL program. If you’re one of the thousands that have submitted their applications, congratulations– you’re one action closer to getting the relief your company needs. Nevertheless, similar to other SBA loans, the EIDL program isn’t exactly the fastest source of funding. The addition of the Emergency Advance through the Coronavirus Aid, Relief, and Economic Security (CARES) Act and expedited processing of loans has actually made it possible to receive funds quicker than ever, however lots of entrepreneur are still in the dark about when funding will come through.
If you’ve gotten the EIDL and are waiting not-so-patiently for much-needed monetary relief, you’re in the best location. In this post, we’ll take a look at the ways you can examine the status of your loan, what you’ll require in order to examine your status, and even ways to determine potential scams.