SBA reopens EIDL Economic Disaster Loan and Emergency Grants to all eligible applicants
“All eligible applicants who experience economic impacts from COVID-19” can now apply for the Economic Disaster Loan and EIDL Advance Grant, the Small Business Administration announced on June 15.
“All eligible applicants facing economic impacts from COVID-19” can now apply for the Economic Disaster Loan and Advance Grant EIDL, the Small Business Administration announced in a June 15 press release.
Created in March by the federal CARES law, the EIDL program offers long-term loans at low interest rates – and emergency grants of up to $ 10,000 – to small businesses and nonprofits. who experience a temporary loss of income due to economic disruption. caused by the current public health emergency.
In early May, the SBA limited emergency loans and grants to agricultural businesses only, as these businesses were not eligible to apply for EIDL’s first round of funding. As of June 15, the program is once again open to all qualified small businesses and nonprofits, including dental practices.
The terms and details of the EIDL program include:
- No application deadline. However, funding for the $ 10,000 emergency grant is limited and available on a first come, first served basis.
- Loans up to $ 200,000 approved without personal guarantee.
- Open to companies with less than 500 employees as well as to sole proprietorships, independent contractors and private non-profit organizations.
- Conditions: interest rate of 3.75% (2.75% for non-profit organizations), repayment up to 30 years and first payment deferred by one year.
- Borrowers can request that the first $ 10,000 of the loan be issued as an emergency advance, which must be paid within three days and does not need to be repaid.
The loan money can be used to pay wages, debts, accounts payable, rent, mortgage, or other bills that the business owner cannot pay due to the impact of the loan. public health emergency.
Businesses can receive an emergency advance even if they are not approved for a loan.
Still available PPP loan fund, borrowers can use simplified loan forgiveness request
The CARES Act also established the Paycheck Protection Program to provide financial relief to small businesses through repayable loans as long as borrowers spend the loan money on qualifying expenses.
More than $ 120 billion of total program funding was still available as of June 12.
Borrowers are required to request a PPP loan forgiveness and can use the revised and simplified Paycheck Protection Program loan forgiveness request issued by the US Treasury Department today to comply with the Paycheck Protection Program Flexibility Act of 2020.
Two versions of the new application are available:
$ 15 billion in targeted aid for Medicaid providers
Medi-Cal Dental suppliers may be eligible for financial assistance from the Supplier Assistance Fund of the Ministry of Health and Social Services. HHS will distribute around $ 15 billion to “nearly one million” providers who participate in state Medicaid programs and have not yet received payment of the general provision of the relief fund to providers established by the CARES Act.
Providers must apply by the July 20 deadline and will be required to report their annual patient income through the HHS Supplier Assistance Fund Enhanced Payment Portal.