COVID-19 UPDATE: ECONOMIC INJURY DISASTER LOAN (EIDL) ADVANCE PROGRAM ENDED

The Small Business Administration’s Economic Injury Disaster Loan (EIDL) Advance program officially ended Sunday, July 11, 2020. This was the program that provided grants of $1,000 per employee, up to $10,000 to applicants for the EIDL loans. The Advance program was ended after expending its $20 billion in funding. 

The EIDL loan program is still open and encouraging applications. The EIDL loan is a program that provides funding for small businesses that have suffered an economic injury because of the pandemic. The loans have a thirty (30) year maturity, bear interest at 3.75% per annum (2.75% for non-profits) and have a one-year payment deferral. 

For more information about COVID-19 programs, see our website:  www.patrickneale.com.  Always feel free to contact Patrick Neale & Associates with questions about these programs or any other issue.  239-642-1485.  info@patrickneale.com