Large pockets of the country are still in either a complete or semi-shutdown mode, how will small businesses stay open? Should you accept a loan through the EIDL program to keep you going? What about the Main Street Lending program? What options are available for small businesses, the lifeblood of America? Congressman Thomas Suozzi of NY introduces bill to LOWER EIDL INTEREST RATE TO 1%.
With your EIDL Loan approved should you accept the SBA disaster loan? CARES Act authorizes $2 million loans, but SBA limited the EIDL loan to $150k and EIDL grant to $1,000 per employee.
#SBA #EIDL #EIDLGRANT
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I’m not going to sugarcoat this; you will most likely not receive the full EDIL grant. You know that $10,000 that Congress promised every small business, but since they screwed up when writing the law, the SBA decided to ignore Congress’ intent. . . yea, that one.
Anyways, you are probably not going to the full amount that you were hoping for. Maybe Congress will address this in the next stimulus act, but it would not be wise to count on it. So, if you do not get the grant that you are expecting, what other options do you have?
I hear this a lot in the comments. Questions like: “Should I accept a loan from the EIDL program?” “I only wanted the grant money, not a loan, what should I do?” Etc.
The EIDL program, in a nutshell, was designed to provide emergency loans to businesses during times of emergency. The CARES Act added some additional terms to the pre-existing EIDL program, including the grant and authorized loans up to $2 million to help small businesses survive during this nationwide shutdown.
Sadly, for all of us, the SBA decided to unilaterally change the rules and cap the loans at $150k instead of $2 million. That is one of the issues covered in the lawsuits against the SBA, which I touched on in my video last week, the link is in the card above and [ Ссылка ].
Ok, even with the $150k cap, if you are approved for the loan, what should you do?
Of course, there are things you CANNOT use the EIDL funds for, such as:
1. Payment of any dividends or bonuses;
2. Disbursements to owners, partners, officers, directors, or stockholders, except when directly related to performance of services for the benefit of the applicant;
3. Repayment of stockholder/principal loans, except when the funds were injected on an interim basis as a result of the disaster and non-repayment would cause undue hardship to the stockholder/principal;
4. Expansion of facilities or acquisition of fixed assets;
5. Repair or replacement of physical damages;
6. Refinancing long term debt (see below);
7. Paying down (including regular installment payments) or paying off loans provided or owned by another Federal agency (including SBA) or a Small Business Investment Company licensed under the Small Business Investment Act. Federal Deposit Insurance Corporation (FDIC) is not considered a Federal agency for this purpose;
8. Payment of any part of a direct Federal debt, (including SBA loans) except IRS obligations. (Additional requirements regarding the payment of federal debt start on page 75 of the SOP.)
9. Pay any penalty resulting from noncompliance with a law, regulation or order of a Federal, state, regional, or local agency.
10. Contractor malfeasance; and
11. Relocation
While we are talking about interest rates, Jason has another incredible update where he broke some news; I think you should all know about it.
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