Transcription of Frequently Asked Questions: COVID-19 Economic Injury ...
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Frequently Asked Questions: COVID-19 Economic Injury ...
9/8/2020 12:28 PM 1 | Page Frequently Asked Questions COVID-19 Economic Injury Disaster Loan (EIDL) 1. What is the difference between Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP)? Economic Injury Disaster Loan (EIDL) Paycheck Protection Program NO LONGER AVAILABLE DESCRIPTION Long-term direct loan program from the SBA Loans made through nearly 5,500 lenders across the country PURPOSE To meet financial obligations and operating expenses that could have been met had the disaster not occurred. Designed to provide an incentive for small businesses to keep workers on the payroll. AMOUNT AVAILABLE Six months of working capital. Up to $10 million TERMS APR (fixed): businesses APR (fixed); non-profits 30 years 1% 2 years or 5 years, depending on when loan was approved COLLATERAL Required for loans over $25,000 No collateral required PERSONAL GUARANTEE?
Frequently Asked Questions . COVID-19 Economic Injury Disaster Loan (EIDL) ... The process will vary depending on reason for decline. ... who are currently suspended or debarred from contracting with the fe deral government or receiving federal grants or loans; and/or those who are presently subject to an indictment, ...
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