{"id":1026,"date":"2021-12-13T10:09:02","date_gmt":"2021-12-13T10:09:02","guid":{"rendered":"https:\/\/www.mysetaside.com\/newsevents\/?p=1026"},"modified":"2021-12-13T10:09:04","modified_gmt":"2021-12-13T10:09:04","slug":"sba-urges-small-business-owners-to-apply-without-delay-for-agencys-covid-relief-eidl-loans-and-loan-increases","status":"publish","type":"post","link":"https:\/\/www.mysetaside.com\/news-and-events\/sba-urges-small-business-owners-to-apply-without-delay-for-agencys-covid-relief-eidl-loans-and-loan-increases\/","title":{"rendered":"SBA Urges Small Business Owners to Apply without Delay for Agency’s COVID Relief EIDL Loans and Loan Increases"},"content":{"rendered":"\n
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\nRegistration is Open for Dec. 8, 2021 SBA Delaware Webinar Detailing SBA’s COVID EIDL Loans, Loan Increases & Application Process\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/a>\n\n\n\n
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\nDelaware District Office<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/td>\n<\/tr>\n

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\nSBA’s COVID EIDL Program Closes on December 31, 2021: SBA Urges Small Business Owners to Apply without Delay for Agency’s COVID Relief EIDL Loans and Loan Increases<\/h1>\n\n\n\n
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\nRegistration is Open for Dec. 8, 2021 SBA Delaware Webinar Detailing SBA\u2019s COVID EIDL Loans, Loan Increases and Application Process<\/strong><\/p>\n

\nBY: SBA Delaware District Director John Fleming<\/p>\n

\nTime is running short for small businesses impacted by the COVID-19 pandemic to apply for long term, low interest Economic Injury Disaster Loans (EIDL) of up to $2 million from the U.S. Small Business Administration.\nLoan applications for initial COVID EIDL loans, increases to previously approved<\/strong>\nCOVID EIDL loans and associated Targeted EIDL Advances must be received by SBA by December 31, 2021<\/strong> (or when funds are exhausted, whichever occurs first). Supplemental Targeted Advance applications will not be accepted or processed<\/strong> after\n December 31, 2021, including reconsiderations. We strongly encourage eligible small businesses to apply as soon as possible, but no later than December 10, 2021<\/strong>. SBA urges small business owners to apply for COVID EIDL loans increases and advances\n without delay. To provide guidance, SBA Delaware is offering its \u2018Last Opportunity to Apply for an EIDL Loan\u2019 webinar detailing SBA\u2019s COVID EIDL loan, Targeted and Supplemental Advances (Grants),  loan increases, and application process; to register, visit:\n\nU.S. Small Business Administration Events | Eventbrite<\/a> or \nhttps:\/\/www.sba.gov\/de<\/a>.<\/p>\n

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\nCOVID EIDL Loans<\/u><\/strong><\/p>\n

\nUnder SBA\u2019s COVID EIDL loan program, small businesses can qualify for up to a $2 million working capital loan to pay expenses that they would have been able to pay had the COVID-19 pandemic not occurred. Under the COVID EIDL Program, the maximum loan amount\n for which a business is eligible is the product of its 2019 revenue subtracted by its cost of goods sold times two. EIDL loan proceeds may be used for expenses like: credit card payments, increased wages, accumulated rent, and increased cost of goods sold.\n EIDL borrowers get a long term of 30 years to repay the loan with a fixed low interest rate of 2.75% for non-profits and 3.75% for small businesses. <\/p>\n

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\nEIDL Targeted Advances and Supplemental Targeted Advances<\/u><\/strong><\/p>\n

\nSmall businesses that apply and are eligible for SBA COVID EIDL loans can also qualify for the agency\u2019s Targeted Economic Injury Disaster Loan and Supplemental Targeted Advance grants, even if those businesses do not ultimately get approved for or accept the\n EIDL loan itself. The Targeted EIDL Advance provides funds of up to $10,000 for working capital and normal operating expenses that does not have to be repaid<\/strong>. Similarly,\nSBA\u2019s Supplemental Targeted Advance provides qualifying program applicants additional working capital\/normal operating expense funds up to $5,000, which does not have to be repaid.<\/strong><\/p>\n

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\nOnce a business applies for a COVID EIDL, the SBA e-mails the applicant an invitation to apply for one of the EIDL advances \u2013 the EIDL Targeted Advance and the Supplemental Targeted Advance. As detailed below, both Advance programs require that applicant small\n businesses be located in a low-income area, which can be determined by using the SBA\u2019s online\n mapping tool<\/strong><\/a>.<\/p>\n

\nTo qualify for a Targeted EIDL Advance, a business must:<\/p>\n