Since its inception, the COVID–EIDL program, a federal disaster relief loan, has allocated more than $351 billion in relief aid to 3.9 million borrowers, including to the smallest of small businesses from historically underserved, disadvantaged communities. Funds can be used for any normal operating expenses and working capital includeing prepaying commercial dept. In 2021, the SBA lengthened […]
On Wednesday, the U.S. Small Business Administration (SBA) published an interim final rule which took immediate effect. The SBA is expanding access to its Economic Injury Disaster Loan (EIDL) program, low-interest loans for businesses and nonprofits damaged by the pandemic, to certain businesses–like restaurants with up to 20 locations, provided each location has no more than 500 employees. With more […]
Even before the pandemic, the Small Business Administration offered Economic Injury Disaster Loans for “losses not covered by insurance or funding from the Federal Emergency Management Agency (FEMA) for both personal and business” expenses and for “business operating expenses that could have been met had the disaster not occurred.” The SBA has also been offering […]