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SBA Reopens Loan and Grant Program
The SBA has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance Program portal to eligible applicants experiencing economic impacts due to COVID-19.
SBA’s EIDL program offers long-term, low interest assistance for small businesses and nonprofits and can provide vital economic support to help alleviate a temporary loss of revenue. Details are outlined below:
• The EIDL Loans may be used to pay debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact and that are not already covered by a Paycheck Protection Program loan. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
• To keep payments affordable, SBA offers repayment terms up to a maximum of 30 years. Plus, the first payment is deferred for one year.
• In addition, small businesses and non-profits may request as part of their loan application an EIDL Advance of up to $10,000. The EIDL Advance is designed to provide emergency economic relief to businesses that are currently experiencing a temporary loss of revenue. This advance will not have to be repaid and small businesses may receive an advance even if they are not approved for a loan.
• The SBA is also assisting small businesses and non-profits with access to the federal forgivable loan program, the Paycheck Protection Program, which is currently accepting applications until June 30, 2020.
For additional information, please visit the SBA disaster assistance website at SBA.gov/Disaster.
See earlier COVID-19 updates at www.schenectadymetroplex.org.