EIDL Update

Did you know the SBA is still taking applications for Economic Injury Disaster Loans (EIDL)?

We know there is a lot of confusing information coming out of Washington right now about help for small businesses. We are reaching out today to update you on options provided by the CARES Act that are still open to you as a small business.

While the Paycheck Protection Program (PPP) and grant programs have ended, the Economic Injury Disaster Loan (EIDL) Program reopened applications on June 15th with new eligibility requirements that now allow for agricultural small businesses to also qualify.

What exactly is the EIDL? According to the SBA: “EIDL is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue [due to COVID19]. EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments.”

While loan forgiveness is not offered for EIDL like it was for the PPP program, nor is the grant portion of the loan still available, this low interest loan allows for more flexibility in how small business owners can use the money to best benefit their company’s needs.

Of course, this is one of many loans that the SBA offers small businesses. Contact us today to learn more about the EIDL program and other programs to help your small business navigate these uncertain times.

WE ❤️ SMALL BUSINESS

Pacific Resources Group of Companies LLC | 1-877-700-3010 | 151 Kalmus Drive, Suite C225

Costa Mesa, CA 92626 | www.pacrg.com