A funding specialist will get back to you soon.
If you can’t hang on then give us a call at (844) 284-2725 or complete your working capital application here.
Receive a funding estimate with just a few quick questions!Funding calculator
The SBA’s Economic Injury Disaster Loan (EIDL) program has officially been replenished in the new stimulus bill that was recently signed into law. In the bill, roughly $20 billion dollars has been allocated for new, targeted EIDL Grants for businesses in low-income communities.
EIDL loans are fixed-rate low interest loans for small businesses impacted by the COVID-19 pandemic. As part of the EIDL program, businesses that apply can receive a forgivable $10,000 EIDL Advance Grant. EIDL loans offer 3.75% interest rates (2.75% for non-profits) and up to 30-year repayment terms.
During this newly replenished round of funding, there are stricter qualifications for EIDL Grants. In addition to the requirements in the original CARES Act, eligible businesses, independent contractors, gig workers, and self-employed individuals are eligible for up to $10,000 in grants that do not have to be repaid only if they meet certain criteria.
While the SBA has announced that application deadline will be December 31, 2021, it’s important to note that the grant will close when funds run out. If you are eligible, it is imperative to apply right away.
Key points of the renewed EIDL program to be aware of include:
If your business qualifies, you may receive $10,000 that you don’t have to pay back. Applications for the Economic Injury Disaster Loan (EIDL) grant will be available on January 17, 2021. For more information about the EIDL, PPP, or any of our small business funding services, contact us at (844) 284-2725 or click here.
2 min read
One of the biggest misconceptions about business financing is that it’s...
2 min read
With gas prices soaring to record highs, small businesses are feeling...
Select your time in business and annual sales volume to find out.
Want to stay up to date with the latest SBG Funding updates?
Leave your email address with us!
Leave your email address so we can keep in touch!