Now Accepting New Applications for Economic Injury Disaster Loans and Advance: On June 15, SBA
If already applied, it is first come, first served
You will go to the same place, SBA.GOV and go to the Disaster Loan Assistance page, and then click on apply
To access the advance (which you are calling the emergency grant) , you would just start the application, and the advance is just part of that process
The loan parameters are the same as before
Must have been in business by Jan 31,2020
Small business according to SBA regulations, or a business that employees fewer than 500 employees
Includes full time or part time employees
Above $200Kall 20% or more owners must guarantee the loan
More board expenses category including payroll and other expenses. It can include future obligations that cannot be met due to the economic loss of Coronavirus
$2 MM
3.75%, and 2.75% for nonprofits
Up to 30 years (underwriting is needed)
You can still apply even if you have credit available elsewhere such as credit lines or credit cards
First month’s payment is deferred for a year from the date of the note
Only the $10K advance can be forgiven
Up to $10k can be requested as an advance for working capital and is expected to be paid within 3 days if approved
Credit check (Mandatory)
Other available Relief Loans
SBA Express Bridge Loans
Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
Fast turnaround
Will be repaid in full or in part by proceeds from the EIDL loan
