Economic injury disaster loans are back, now any small business with less than 500 employees can qualify
after sharp criticism from businesses, a PPP loan recipient still has to fill out an application proving how the funds were used. Even though the SBA announced this week a new “EZ Forgiveness Application” intended to streamline the process, an EIDL Advance doesn’t have any post-disbursement requirement, which could make it more appealing to some.
As of June 1, more than $90 billion in EIDL loans have been approved and more than $10 billion in EIDL Advances have been disbursed. Although there are a number of programs that provide financial assistance to small businesses, it can be dizzying to keep up-to-date on the most recent rules and guidelines. Here are some things to keep in mind if you haven’t yet applied for any assistance:and an EIDL loan and be approved for both as long as the funds are used for different purposes.
PPP loans can be up to $10 million, EIDL loans are reportedly capped due to demand at $150,000 or less, according to several reports. The SBA website, however, lists the maximum loan amount at $2 million. Know that if you do receive an EIDL Advance and you’re also approved for the PPP, the amount of the EIDL Advance will be deducted from any loan forgiveness amount on your PPP.
You have until Dec. 31 to apply for an EIDL loan under the expanded criteria put in place due to the pandemic. The last day to apply for the PPP is June 30.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Members of Congress took small-business loans — and the full extent is unknownSome GOP lawmakers who benefited from the Paycheck Protection Program also opposed legislation requiring lending transparency.
Read more »
24. KabbageKabbage is an Atlanta-based company that provides automated small business loans through a suite of financial products, which aid various cash-flow issues.
Read more »
SBA Sued Over Rule Barring Convicted Felons From PPP LoansCivil-rights organizations sued the Small Business Administration for excluding business owners with felony convictions from a $670 billion relief program for small businesses struggling with the impact of the coronavirus pandemic.
Read more »
PPP Small-Business Loans Left Behind Many of America’s Neediest FirmsThe federal government’s Paycheck Protection Program failed to take into account the widely varying needs and limitations of small businesses caught in Covid-19 lockdowns.
Read more »
Swaths of New York City small businesses face extinction in the wake of coronavirusAs New York City begins to emerge from the coronavirus shutdown, thousands of its small businesses — many already struggling before the pandemic hit — will face a near-impossible road to recovery
Read more »
Quietly cashing in on coronavirus
Read more »