Small Business Administration has resumed EIDL funding to small business owners affected by COVID-19 effective June 15, 2020
Contractors, Sole Proprietors, Gig workers and freelancers can now submit applications to receive between $1,000 to $10,000 in grants before accessing the main loans.
Grants are forgivable and doesn’t not have to be repaid even if you don’t qualify for the main loan.
Typical EIDL loan terms are 30yrs repayment @ 3.75%. You may access between 150k - 2 million in funding. You can decide to accept less than 150k depending on your need. Any loan amount below $25,000 does not need collateral.
If you truly believe your business needs funding and has the potential to pick up, expand and grow, you should consider applying for the EDIL. In addition, the SBA has deferred loan repayment until 12months after loan disbursement.
If you are unsure about the benefits and have questions about the implications of accessing this loan, let us know. We will happily consult and guide you through the process!
Specialists Accounting is here to help!