![]() Applicable laws may vary by state or locality. ![]() Additional information and exceptions may apply. This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business. Learn more about the EIDL program from the SBA. ![]() Apply before December 31 to take advantage of this program. Additionally, as part of the EIDL Advance program, some business owners may be eligible to receive up to $15,000 in funding from the SBA that does not need to be repaid.įor small business owners, an EIDL is money on the table. Small business owners who receive a loan will not have to begin repayment until two years after disbursement of the loan. In September, the use of EIDL funds was expanded to include payment and prepayment of business and federal debt incurred at any time, past or future. These loans can be used to pay fixed debts, cover payroll, and pay other bills that cannot otherwise be paid due to the economic impact of the pandemic. Under the EIDL program, small businesses and other eligible applicants can apply for working capital loans up to $2 million. They strongly encourage those applying for an Advance to apply by December 10 to ensure adequate processing time. However, the SBA cannot continue to process EIDL Advance applications after December 31. Loan applications will continue to be processed after this date until funds are exhausted. Business owners have until December 31, 2021, to apply. There are still billions of dollars available under the SBA’s Economic Injury Disaster Loan (EIDL) program -but the deadline to apply for an EIDL or EIDL Advance is fast approaching.
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