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:

​

1. Payroll;

2. Rent;

3. Utilities;

4. Interest on Mortgages (business property); and

5. Equipment Financing.

 

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: 

 

https://covid19relief.sba.gov/

 

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