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THE ECONOMIC INJURY DISASTER LOAN (EIDL)
What is this loan for?
This loan will cover up to $2 million for your operating costs, including the following:
Interest on Mortgages (business property); and
The terms are:
3.75% amortized for 15 or 30 years (determined by the credit officer), with payments deferred for 12 months. Up to $10,000 can be advanced quickly and it can be forgiven if used to cover 1-5, above.
Where to Apply:
What you will need to complete the forms:
● Your company information (take this off of your federal tax return);
● Your owners’ information (this is everyone that owns 20% or more of your company);
● Your gross sales for the last 12 months;
● The cost of goods sold for the last 12 months; and
● The bank account and bank routing numbers where you want the funds deposited.
A few weeks after you apply you will be contacted by a credit officer. They will probably ask for more documentation. The type of information they will ask for can be found in the forms linked HERE
A FAQ on this program can be downloaded from the link HERE
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