Many business owners are not aware that they can obtain an EIDL – Economic Injury Disaster Loan
– from the Small Business Administration (SBA) to help them manage the
financial impacts of Covid-19 on their business. Quite frankly, for all
the small business owners and property owners who were not aware of the
Paycheck Protection Program (PPP) or how to go about obtaining a PPP
loan, even fewer are aware of the EIDL. The good news is that – unlike
the PPP, the EIDL is still available.
The other wonderful thing about the EIDL is that you apply for it
directly via the SBA’s website. That’s right. There’s no need to track
down your business banker to apply and get the loan processed. Bypass
all of that and go straight to the EIDL application.
In addition, its process, like the PPP loan process, has been
streamlined such that the typical SBA requirements – where you
essentially provide everything you personally own of substance to the
SBA as collateral for your business loan – do not apply. Furthermore,
these loans do not require personal guarantees. (I know. Is this really
the SBA?)
Want to know the rest? Click on the link below to go to the blog post. But hurry!! The EIDL application site says "EXPIRATION DATE September 30, 2020"!
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