Apr 01, 2020 - 8:45am
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The SBA has issued guidance that it will provide initial EIDL loan disbursements of up to $150,000, in addition to the advance of up the $10,000 detailed in the guide below.
The U.S. Chamber is working to ensure Congress replenishes the funds to meet demand from small businesses in need. For immediate assistance on a question or application, please email: DisasterCustomerService@sba.gov
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In general, all of the following entities that have suffered substantial economic injury caused by a disaster provided they were in existence on January 31, 2020:
The maximum EIDL is a $2 million working capital loan at a rate of 3.75% for businesses and 2.75% for non-profits with up to a 30-year term.
NOTE: The Paycheck Protection Program (PPP) created by the CARES Act prohibits borrowers from taking out two loans for the same purpose. For more information on PPP loans, visit uschamber.com/sbloans
Apply online at www.SBA.gov/disaster
The SBA administers the EIDL program. Please contact the SBA with specific questions.
Special thanks to Facebook, our partner on these guides and resources. Visit the Facebook Business Resources Hub for more resources and information.