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So, now that you understand what EIDL loans are, let’s jump into where the program stands today.Ĭurrently, the EIDL is accepting new applications and approving new loans. What’s the current status of EIDL? Is the program currently accepting applications?
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Loan proceeds can be used to cover working capital and normal operating expenses, including payroll, purchasing equipment and all forms of debt, with a maximum loan amount of $2 million.
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But one major selling point for businesses in need of funding? EIDL loans offer much more competitive terms than traditional loan options.Ĭurrently, Economic Injury Disaster Loans offer a 3.75 percent fixed interest rate (that interest rate is even lower for nonprofit organizations/non-profits at 2.75 percent), a 30-year repayment period, 30-month payment deferral period, and no fees or prepayment penalties.
#Sba loan status full#
Unlike PPP loans, EIDL loans are not forgivable borrowers will need to pay back the full loan amount plus interest. The SBA Economic Injury Disaster Loan program provides emergency loans to small businesses facing economic hardship and challenges as the result of a declared disaster-like the COVID-19 pandemic. The EIDL program is a disaster relief fund administered through the U.S. In 2020, the EIDL program approved over 3.6 million EIDL loans, distributing $195B in disaster assistance to small businesses across the country.īut what, exactly, is the EIDL program? What is the program’s status for 2021? And how can small businesses leverage the program to get the funding they need to navigate the continuing coronavirus crisis? What are EIDL loans? That’s where Economic Injury Disaster Loans (EIDL) come in. While the Paycheck Protection Program (PPP) has been a popular option, PPP loans can only be used to cover payroll expenses and approved non-payroll costs-and those restrictions don’t work for every business. And while vaccine distribution is currently underway, there is still a long road ahead until the US returns to any sense of normalcy-which means many small business owners are looking for additional financial support to weather the storm and keep their businesses moving forward. The COVID-19 pandemic hit the small business community hard. You can no longer request loans or loan increases at this time, but you can read on to get more acquainted with program in case it ever comes up again.
#Sba loan status update#
Update May 6, 2022: EIDL loan funds have been exhausted.