Tag: #SBA

Companies that have applied to SBA for EIDL are getting this message:

“Our nations small business organizations are facing an unprecedented economic disruption due to the COVID-19 outbreak. The SBA is experiencing a large volume of applications for the EIDL. Due to current appropriations, the SBA will make initial loan disbursements for two months of working capital up to a maximum of $15,000 per applicant. This is in addition to the $10,000 each small business is eligible to receive. By doing this the SBA will ensure support for the greatest number of applicants during this difficult time”

Brinker Simpson & Company will continue to update you with any new information we receive regarding these programs.… Read More

SBA Economic Injury Disaster Loans and Loan Advance

By Kellie Harris

On March 31, 2020

In Federal, Financial Resources

SBA Economic Injury Disaster Loans and Loan Advance

Overview

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for an emergency advance of $10,000 to small businesses and private non-profit organizations affected by COVID-19. In order to receive the advance, you must apply for the Economic Injury Disaster Loan (EIDL) and request the advance at the end of the application process. The loan advance funds will not have to be repaid even if the EIDL application is denied. The EIDLs are up to $2 Million with terms up to 30 years and interest rates of 3.75% for small businesses and 2.75% for non-profits.… Read More