Big news from the SBA today.
EIDL increases from 150,000 to 500,000.
We have been waiting for this for nearly a year now.
Back in March of last year we were working with clients to get EIDL loans.
This was when the EIDL was a gargantuan process.
Something like 26 pages worth of archaic applications.
Tax returns…demonstrated economic impact…personal financial statements.
It was horrendous.
BUT it was worth it, because then, the SBA capped the loans at $2,000,000
But the word got out, and the SBA arbitrarily capped the loans at $150,000.
A lot of people were upset about this.
Since then we’ve requested EIDL increases for many clients…to no avail.
But good news – the SBA formally announced they will increase EIDL caps to $500,000.
AND even more news – payments will now be deferred until 2022! So no payments (although interest still accrues) until 2022.
In other news – the SBA announced it will plan a phased launch of the 28.6 BILLION dollar restaurant grant program in April.
That sounds like a lot…but given the calculations and number of restaurants eligible this will go quick.
Schedule a time with us to see what aid you might qualify for. We’ll walk you through the exact programs you might be eligible for, what information you need to qualify, and outline if and how we might be able to help you.