Eidle loan also called the “economic injury disaster loan” is a program designed for businesses with fewer employees. This set of businesses falls on the “SBA” standard.
Having seen how badly the covid-19 virus affected most businesses and other nonprofit organizations, Eidle loan stood to become a liberation.
This loan has been active for the past two years, and there is no mistake in saying that many have profited so far. Getting this loan to enhance your business would not be a bad idea. Don’t you think? Read on to learn more.
Therefore, the Eidles loan program offers relief to qualified small businesses and nonprofits organization for enhancing their business. More so, businesses stand to qualify for this loan not regardless of whether they have suffered property damage or not.
Furthermore, they can use the funds to help meet working capital needs. Hence, they can also use it for operating expenses as they recover from the pandemic’s impact.
What Kind of Business is Qualified for Eidle Loan?
As we mentioned before, you should ensure that your business qualifies for the set loan you want to apply for. Hence, if you think that an eidle loan is right for your business, you should take the first steps of making sure it qualifies. Here is a business, considers eligible for sure loans:
- A small SBA standard business.
- An agriculture enterprise.
- A small tribal business concern.
- An individual who operates as a sole proprietorship or as an independent contractor.
- Then, a private nonprofit organization that is a non governmental agency or entity.
Eidle Loan Requirements
Getting an economic injury disaster loan comes with meeting certain requirements. Below are the requirements to meet before applying for an Eidle loan:
- The applicant must ensure his or her business fall on the SBA business standard.
- Next, it should be located within a declared disaster area.
- The business owner must have sustained a substantial economic injury due to the disaster.
- The person must have exhausted other financing options.
- Lastly, the applicant should apply for the loan within nine months of the disaster.
Having all these qualities in place gives you an upper hand or a better chance of getting an “eidle loan increase”. Hence, you should ensure that all needs are met.
Eidle Loan Portal
With all that has been said, taking the necessary steps to apply for the loan should be your next consideration. Well, if that is the case, then you have to get a full knowledge on what the idle loan portal is all about.
All anticipating eidle loan applicants are advised to log on to the economic injury disaster loan portal to make due applications. Thus, you can only take this step when you are sure of having all the requirements. However, I will advise you to set up an online account to access information.
Eidle Loan Application
Applying for a loan should not be a problem at all. This is because we will be giving you guides on that. Below are steps to follow when applying for an eidle loan:
- Visit the website at https://www.sba.gov/funding-programs/disaster-assistance.
- Tap on the “apply for disaster assistance” button at the bottom right.
- Scroll down the website and use the available number to call customer service for assistance in applying for the loan.
Follow all instructions that they will give to you to complete the application process. When you must have finished with your applications. Also, they will allow you to check your eidles loan status.
Eidle Loan Forgiveness
Is Eidle loan forgivable? Well, the simple answer to that question is a no. While eidle advance is forgivable, eidle is not forgivable. However, to qualify for advance forgiveness, you will have to provide additional information to the SBA for approval. Hence, it is important you make further research before applying for the loan.
What can Eidle Loan be Used For?
Just as the loan aims at supporting businesses, you can use it for any normal operating expenses and working capital. This includes payroll, purchasing equipment, paying off debt and making other necessary financing.
How Much is the Covid 19 Eidle Loan Cap?
The SBA increased the awarded loan cap to $2 million for eligible applicants. Basically, you can as well use the loan for any normal operating expenses and working capital. This includes making payroll, purchasing equipment and others.
Do Businesses Have to Start Payments on Eidle Funds During the Covid 19 Pandemic?
Well, the SBA law states that businesses that have received this loan, should not pay back until after 30 days of receiving the loan. However, interest will continue to accrue on the loan during the determined period of grace. Regardless, of this, borrowers are also get access to make an early payment on their loans if they choose to.