SBA - Economic Injury Disaster Loan Update
SBA released a new Economic Injury (EIDL) processing platform yesterday which incorporates the ability to request an Economic Injury Disaster Loan Advance of up to $10,000. The loan advance will provide economic relief to businesses that are currently experiencing temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid. www.sba.gov/disaster SBA sent out the below message to everyone that had applied for an EIDL loan prior to the loan advance option becoming available through the Cares Act. We know you are facing challenging times in this current health crisis. The U.S. Small Business Administration is committed to help bring relief to small businesses and nonprofit organizations suffering because of the Coronavirus (COVID-19) pandemic. On March 27, 2020, P...