The Small Business Administration’s Economic Injury Disaster Loan (EIDL) Advance program officially ended Saturday, July 11, 2020. This was the program that provided grants of $1,000 per employee, up to $10,000 to applicants for the EIDL loans. The Advance program was ended after expending its $20 billion in funding.
The EIDL loan program is still open and encouraging applications. The EIDL loan is a program that provides funding for small businesses that have suffered an economic injury because of the pandemic. The loans have a thirty (30) year maturity, bear interest at 3.75% per annum (2.75% for non-profits) and have a one-year payment deferral.
Always feel free to contact Patrick Neale & Associates with questions about these programs or any other issue.
Phone: 239-642-1485. Email: info@patrickneale.com
The information provided herein is for informational purposes only and should not be construed as legal advice. The publication of this article does not create an attorney-client relationship between the reader and Patrick Neale & Associates. The reader should not act or refrain from acting based upon the information contained in this article without first contacting an attorney. The hiring of an attorney is a decision that should not be based solely upon advertisements or this article.