COVID-19 Economic Injury Disaster Loan (EIDL)
Earlier this month, September 9, 2021, additional changes were made to the COVID-19 Economic Injury Disaster Loan (EIDL) as detailed in the attached news release from SBA Administrator Guzman.
With the program concluding December 31, 2021, we want to get the word out regarding these changes by scheduling Information Sessions. The attached “SBA Changes for COVID EIDL Loan” slides will be utilized during aforementioned.
Other details we can share and clear up during these Info Sessions on the COVID EIDL loan include the following:
- Yes, “GRANT” money is still available for some
- One does not have to accept the loan to get the “grant”
- One is still eligible for the loan if denied the “grant”
- Loan maximum increased to 2 million (up from 500K) but
- No, one does not have to re-apply for a loan increase
- Yes, processing for EIDL has been slow and daunting, but
- SBA headquarters has streamlined the process & we, locally, can get you some further support
- This low interest loan is IN ADDITION, too but different from
- the EIDL loans SBA made available for: the March 2020 tornado, 2020 Christmas Day explosion, and August 2021 Waverly flooding
- Yes, these loans are DIRECT from SBA
- no lender involved, like for PPP;
- no “consultant” or “YouTube” video can help with the process better than we/SBA can;
- no need to pay anyone to submit the application to SBA
- Yes, we can provide updates on PPP forgiveness, too
THIS IS A GAME CHANGER, as listed in the 9/8/2021, news release:
- Expansion of Eligible Use of Funds. COVID EIDL loan funds will now be eligible to prepay commercial debt and make payments on federal business debt.
- Loan recipients can pay off ALL existing commercial debt (credit cards & other loans) AND federal debt with this 30 year loan at 3.75% fixed – direct loan from SBA.
If interested in scheduling an Information Session, please let us know.
Economic Development Specialist
Tennessee District Office
2 International Plaza, Suite 500
Nashville, TN 37217
U.S. Small Business Administration
Cell (202) 845-4162
Fax (615) 736-7232