The new stimulus bill includes $20 billion dollars in new EIDL Grants for businesses in low-income communities. Businesses that have already applied for an EIDL Grant earlier in 2020, and meet the new qualifications, may receive the full $10,000 grant (minus any amount already received) even if their EIDL applications was not approved initially.
Maximum Loan Amount of $2 Million Dollars
Low Fixed Interest Rates: 3.75% or 2.75% for non-profits
Repayment Terms up to 30 Years
No Prepayment Penalties
Deferred Payments for 12 Months
Forgivable Grants up to $10,000
Employ no more than 500 employees
Be located in a low-income community
Must have been in operation by January 31, 2020
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