The SBA has announced the following changes to the COVID-19 Economic Injury Disaster Loans program effective immediately:
The COVID-19 EIDL cap has been quadrupled from $500,000 to $2 million.
You can now use Covid-19 EIDL loans to pay off your business debt.
Small business owners will not have to begin COVID-19 EIDL repayments until two years after loan origination. This is an increase from the previous 18-month deferment period for loans made during 2021.
The EIDL is a 30 year loan with 3.75% interest. However, if you are a nonprofit, the interest rate is reduced to 2.75%. The deadline to apply is December 31st, 2021 but business owners should submit their applications as soon as possible, otherwise, they run the risk of funds running out like they did with the restaurant revitalization fund.
If these changes affect your EIDL loan or you need help determining your eligibility for EIDL funds, please get in touch with us so that we can help you and your business.
If you have any questions please contact us at:
(832) 295-3353
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DISCLAIMER:
Tax Tips discussed here were prepared for the purpose of this video. To apply these strategies, please consult with your CPA or professional tax preparer.
