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Stephen Reh CFA® MBA CFP®

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SBA EIDL Updates

April 14, 2020 By Stephen Reh MBA CFA® CFP®

THE SBA HAS RELEASED THE FOLLOWING UPDATES (PLEASE NOTE ALL THAT FOLLOWS IS FROM THE SBA).

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:

                                 Paycheck Protection Program                  Full EIDL Loan

PURPOSEForgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable)To meet financial obligations and operating expenses that could have been met had the disaster not occurred (amount of any EIDL advance is forgiven)
TERMSUp to $10 million1% interest rateUp to $2 million3.75% for businesses2.75% for non-profits
FORGIVABLEYESNO – EIDL LoanYES – EIDL Advance
MATURITY2 years30 years
FIRST PAYMENT DUEDeferred 6 monthsDeferred 1 year

To locate a Paycheck Protection Program Lender, please visit: www.SBA.gov/PaycheckProtection.

Information on available resources may be found at www.sba.gov/coronavirus. For more information on these services, please go to www.sba.gov/local-assistance to locate the email address and phone number for the nearest SBA district office and/or SBA’s resource partners.

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Stephen Reh MBA CFA® CFP®

About Stephen Reh MBA CFA® CFP®

I am Steve Reh the founder of Invest with Steve and Reh Wealth Advisors LLC. Thank you for visiting my website.

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