• Borrowers can apply for EIDLs and Paycheck Protection Program loans at the same time provided the funds received are put to different uses.

  • For some businesses with pre-existing SBA loans, the agency will pay the principal, interest and linked fees for six months.

  • Interest is capped at 3.75%

  • Every US state, territory and district has been declared a disaster area by the federal government. As a result, most US businesses are eligible to apply for an EIDL. 

  • A $10,000 Advance Your Business May Not Have to Pay Back

    There is another aspect of an EIDL under the CARES Act that merits every business owners attention. 

    The new law says borrowers may get an emergency advance of up to $10,000, supposedly within three days of applying for an EIDL starting April 6. Here’s the crazy part: even if the EIDL application is denied and no loan is forthcoming, the maximum $10,000 advance may not have to be paid back. 

    We checked with the SBA on this apparent largesse. The agency’s response: “The $10,000 advance is apparently a grant.”

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