• SBA will contact those who previously received EIDL advance/loans, or had applied and funds were depleted, but only if they are located in a low-income area.
  •  Must prove business has suffered a 30% or more decrease in sales (compared to 2019) in any 8-week period from March 2 through December 31, 2020.
  • Funds can be used for most business expenses, but not expenses already paid for with a PPP loan.
  • Up to $10,000 Targeted Emergency Grant - $1,000 per employee.

**Update - 6/15/20 - SBA has resumed accepting applications Program ended 12/31/2020

**Update - 4/16/20 - EIDL funds have been depleted.  SBA is no longer accepting applications.

 

12/27/20 - The latest CARES Act has rescinded the regulation regarding deducting the EIDL advances from the PPP forgiveness loan amounts.    For loans already forgiven, the advance deduction will be returned to the borrower.

 

 

 

 

 

04/14/2020 - SBA finally makes clear that the $10,000 advance will be based on the businesses pre-disaster (1/31/20) employee headcount.  They will award $1,000 per employee up to 10.  Any EIDL advance awarded to a business will be deducted from the forgivable portion of a PPP loan if both are applied for and received.

Disclaimer:  This is for informational purposes only.  Check with your accountant and/or banker for advice before proceeding with any business decisions related to the information posted here.

2021 Federal

  Banking Holidays

 

Friday Jan. 1
Monday Jan. 18
Monday Feb. 15
Monday May 31
Monday July 5
Monday Sep. 6

Monday

Oct. 11
Thursday Nov. 11
Thursday Nov. 25
Saturday Dec. 25

 

Print Print | Sitemap
© PAYXPERTS INC

This website was created using 1&1 IONOS MyWebsite.

Call

E-mail