Dear M & M: What new programs are rolling out from Congress to help small businesses? Which one should I apply for? – Dan
Dear Dan: Rules regarding the re-rollout of the Payroll Protection Program along with instructions to lenders and borrowers are forthcoming. In the meantime, please connect with your lender and their application processes regarding PPP.
Economic Injury Disaster Loans are ready to apply for online right now. The Economic Injury Disaster Loans application process has been extended throughout 2021 or until funding runs out. If you have not already received an EIDL I would strongly recommend you to apply for one.
In response to the COVID-19 pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington, D.C., and territories can apply for an EIDL.
The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due tot he coronavirus. The purpose of the loan is to help you meet financial obligations and operating expenses that could have been met if COVID-19 hadn’t occurred. This is a 3.75% (profit businesses) and 2.75% (non-profit) term loan, payments extended up to 30 year. There is no pre-payment penalty or fees, you can defer the first payments for one year.
The application process is online through the U.S. Treasury/Small Business Association. The link can be found at https://covid19relief.sba.gov/#/ . Please connect with your local Small Business Developmetn Center offices if you need additional help or guidance. Watch for more details on PPP as this rolls out once again. Source: SBA