Funding Still Available: SBA Economic Injury Disaster Loan Program Update
September 8, 2021 @ 2:00 pm - 3:00 pm
Small businesses and nonprofits still have time to apply for long term, low interest loans and small grants through the U.S. Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) Program. Join representatives from the SBA as they provide updates on the EIDL program and walk through the application in detail. Translated versions of the application will also be available for note-taking.
General EIDL Program Overview:
– 30-year loans for up to $500,000 at a 3.75% fixed interest rate (2.75% for nonprofits); no pre-payment penalty
– Two grant programs, the $10,000 Targeted EIDL Advance and the $5,000 Supplemental EIDL Advance are earmarked for businesses in low-income communities. To be considered for these grants, an organization must apply for a loan. Organizations can be awarded grants even if they are denied a loan or decide not to accept it
Expected updates to the EIDL Program include:
– Raising the maximum loan amount from $500,000 up to $2 million while also increasing the aggregate loan cap up to $10 million
– A waiver of affiliation rules (that mirrors that of the Paycheck Protection Program)
– Funds may now be used to pay down prior commercial debt and make monthly payments towards federal debt (including principal and interest payments)
We will host a Q&A session as time allows – submit questions in advance when registering.
Simultaneous interpretation provided in: Arabic, Chinese, Korean, Russian, Somali, Spanish, and Vietnamese.
When: September 8, 2021
Time: 2:00 – 3:00 pm
For more information, contact: OneEastside Spark