SBA REOPENS ECONOMIC INJURY DISASTER (EIDL) Programs
June 17, 2020
Dear Clients, Colleagues and Friends,
The US Small Business Administration has reopened their Economic Injury Disaster Loan (“EIDL”) program to eligible small businesses. The program was suspended for a period of time, and during that time was only open to businesses in the Agricultural industry.
Program details and loan terms are:
- 3.75% interest rate (2.75% for Non-profit entities).
- 30 year repayment term.
- First loan payment is deferred for one year (interest still accrues
during the deferment period).
- Loan advances up to $10,000 are available ($1,000 per employee, the
advance portion does not have to be repaid).
- Applications will be processed in the order they are received.
For more information on the program, please visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance
To apply, please visit https://covid19relief.sba.gov/#/
If you have any questions or need further information, please contact your Presti & Naegele professional directly, or dial 212-736-0055 for immediate assistance. Stay safe.
Presti & Naegele