Congress has allocated another $40 billion in EIDL grants (advances) in the new stimulus bill. While the Economic Impact Disaster Loan (EIDL) has continued to be available, the EIDL Advance program has now reopened, offering 10K advance (or grant) for qualified applicants. The EIDL loan parameters remain the same (30 year, 3.75%, $2M) with payment deferral of 12 months with a goal of providing 6 months of working capital.
EIDL grants award money based on the number of employees you have. You’ll qualify for $1,000 per employee, up to a maximum of $10,000. To qualify for the full targeted $10,000 EIDL grant, a business must:
- Be located in a low-income community, and
- Have suffered an economic loss greater than 30%, and
- Employ not more than 300 employees
In addition, the business must qualify as an eligible entity as defined in the CARES Act:
- A small business, cooperative, ESOP Tribal concern, with fewer than 500 employees.
- An individual who operates under as a sole proprietorship, with or without employees, or as an independent contractor; or
- A private non-profit or small agricultural cooperative.
- The business must have been in operation by January 31, 2020.
- The business must be directly affected by COVID-19.
Program reopening is targeted for January 17, 2021. Visit the SBD web site for updates and more information: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loans
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