The Small Business Administration is accepting Economic Injury Disaster Loan and EIDL advance grant applications for all eligible small businesses and nonprofits affected by the coronavirus pandemic. SBA was only accepting such applications only from agricultural businesses since May 4th, as demand was high, and those businesses had not been EIDL eligible in the past. Unlike the Paycheck Protection program, which businesses have the opportunity to apply to through June 30, businesses can apply to the EIDL programs through the end of the year.
WHO CAN APPLY?
All business with less than 500 employees including independent contractor or sole proprietorship.
ANNUAL INTEREST RATES
3.75% for businesses, 2.75% for non-profits
Maximum amount of the loan
The maximum loan size is $150K. Applicants who apply for this loan may request an advance of up to $10,000 from the SBA. The advance will be distributed first. Applicants are not required to repay this advance.
What is the term of the loan?
When is the first loan payment due?
One year after the loan origination date (interest is accrued during the deferment)
Is there a loan forgiveness program?
No, but SBA may provide up to $10,000 in emergency grants to EIDL applicants that need it and the Applicants do not need to repay the grants even if the loan application is denied
Can I apply now?
Yes, the application process is live, and loans are available now. There is no obligation to accept the loan if you qualify. The SBA typically allows 60 days to accept the loan offer, it is better to apply ASAP
Visit here for details : https://covid19relief.sba.gov/
For any query, support or feedback, reach us at US Setting up and Compliance or WA us at +91-9230033070 or Call us at 1800-102-7550
In these troubled times -COVID-19, we, at Taxmantra Global urge you to stay safe – social distancing, personal hygiene and health care are of utmost importance! Stay safe!