Small businesses and nonprofits still have time to apply for long term 30-year, low interest loans and small grants through the SBA’s Economic Injury Disaster Loan (EIDL) Program.
Join representatives from the U.S. Small Business Administration (SBA) as they provide updates and share everything you need to know about these EIDL programs. Translated versions of the EIDL application will also be available for notetaking during the webinar.
General EIDL Program Overview:
- 30-year loans for up to $500,000 at a 3.75% fixed interest rate (2.75% for nonprofits) with no pre-payment penalty
- Two grant programs, the $10,000 – Targeted EIDL Advance and the $5,000 -Supplemental EIDL Advance are earmarked for businesses in low-income communities. To be considered for these grants, an organization must apply for a loan. Organizations can be awarded grants even if they are denied a loan or decide not to accept it
Expected updates to the EIDL Program include:
- Raising the maximum loan amount from $500,000 up to $2 million while also increasing the aggregate loan cap up to $10 million
- A waiver of affiliation rules (that mirrors that of the Paycheck Protection Program)
- Funds can now be used to pay down prior commercial debt and make monthly payments towards federal debt (including principal and interest payments)
We will provide simultaneous interpretation in Arabic, Chinese, Korean, Russian, Somali, Spanish, and Vietnamese. Please indicate language preference when registering. We will host a Q&A session as time allows – feel free to submit your questions in advance when registering. If you are unable to attend the live webinar, please register to receive an email link to the on-demand recording.