Economic Injury Disaster Loans (EIDL) Update – FAQs about funds returned.
Loans still available!
Updates Include:
- FAQs
- Still Time to apply for funding!
- What to do if your application was declined.
FAQs: SBA recently posted FAQs about funds returned by banks for Targeted EIDL Advance and Supplemental Targeted Advance. When a bank returns Targeted EIDL Advance or Supplemental Targeted Advance funds to SBA, the funds cannot be immediately re-disbursed. SBA is working to mitigate this issue.
Read the FAQs
Still Time to Apply for Funding!
Whether you have an existing COVID-19 Economic Injury Disaster Loan (EIDL) and want to apply for an increase; or are interested in applying for an initial COVID-19 EIDL, funding is available for loans up to $500,000. The deadline to apply is Dec. 31, 2021 or until funds are exhausted.
Interest rates are 3.75% for profit and 2.75% for non-profit for a 30 year term. NEW – 2020 EIDL loan payments are deferred until 24 months from the date of the loan. There is no pre-payment penalty. Apply https://covid19relief.sba.gov/#/
The SBA also continues to receive and process applications for the Targeted EIDL Advance and Supplemental Targeted Advance.
For more information about all SBA programs, visit the COVID-19 relief page of the SBA website.
What to do if your application was declined:
Applicants can send a request for reevaluation of a declined Targeted EIDL Advance application. To ask for a reevaluation, email: TargetedAdvanceReevaluation@sba.gov.
Source: SBA Pacific NW Regional Office
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