The latest news on Economic Injury Disaster Loans (EIDL) from the U.S. Small Business Administration
Dec. 31 is the last day for COVID Economic Injury Disaster Loan Program applicants.
Small business owners are particularly vulnerable small business owners, and the COVID-19 pandemic has been to be particularly damaging.
Recently, however, it was announced that the U.S. Small Business Administration (SBA) had updated its guidelines for the COVID Economic Injury Disaster Loan (EIDL) Program, which allows applicants to access the remaining funds.
Small-scale business owners will be able to access nearly $300 billion in relief from COVID EIDL. COVID EIDL program. It is an emergency loan from the federal government that will help small business owners suffering from the pandemic, such as gym, restaurant, and hotel owners. Visit Bridge Payday for further details.
Applications accepted up to December 31
The applicants have until December 31st to be eligible to receive the EIDL loan or Targeted Advance. The applications received before the deadline will be accepted until funds are exhausted.
Although applicants have until December 31st to submit their Supplemental targeted advances, it’s recommended that applications be received by December 10th, Friday, to ensure that they can be processed within a reasonable timeframe.
Information on loan increases, regarding appeals
The SBA allows customers to apply for an increase in the maximum amount they are eligible for a period of up to two years following the date of origination, and those whose request was rejected are allowed to appeal and be reconsidered within six months after the date of denial.
This information comes in the light of significant improvements that the SBA announced in September last year on the EIDL program. These include an increased COVID EIDL limit between $500,000 and $2 million. It also had a deferred loan repayment of up to two years, a thirty-day time limit for approval and disbursing loans of less than $500,000, and the possibility of using funds to pay off commercial debts and make repayments on federal business loans, as well as simplified requirements for affiliation.
In the end, the changes and improvements made by the SBA will benefit the 3.8 million small-scale businesses across the country, which over 20 million workers employ.
What do I need to know about applying?
The next step for small-scale entrepreneurs is to put the cash to help them get the business on the right track. What should you do?
Small business owners who qualify can go to Bridge Payday to determine whether they are eligible and fill out their applications.
The SBA cannot ensure that it will process all applications until the year’s final day; therefore, it is strongly recommended to submit all applications by the 10th of December.