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An Economic Injury Disaster Loan Assistance FAQs That Will Help

Lipsy Goyal

It was in the year 2020, March 27 when the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act was passed. The act is known to provide economic relief to all the people residing in the United States of America and businesses that were affected by the COVID 19 pandemic. This act provided a plethora of sufficient funding opportunities and economic injury disaster loan assistance was no exception. As of September 9, 2021, according to the research SBA has more than $150 billion for all the COVID related funds. If anyone wants to opt for a loan, you can get started for the same by December 31, 2021.

Know the different type of loans available 

According to the experts, there are basically three types of economic injury disaster loan assistance available. Below mentioned are all of them.

  • Coronavirus EIDL
  • Targeted EIDL Advance
  • Supplemental Targeted Advance

Let us discuss targeted EIDL advance first. If you meet all the set criterias for the same, you can easily get a loan upto $10,000. In addition to this, you need not repay any advance in the present or future.

When it comes to supplemental targeted advance, you have the right to opt for $5,000 extra if you are applying for $!5,000 loan amount. Also, there is absolutely no need to repay any of the funds whatsoever. In order to find more information related to the same, you can either get in touch with the experts or search the internet for the same. The experts have all the information related to SBA disaster loan assistance. Whatever query or information you need can easily be acquired by them. Secondly, you can always take help from the internet. This is one trusted platform that provides all the essential information.

How do you know if you are eligible for SBA loans?

Take into consideration the below mentioned factors to find out if you are eligible for SBA loans.

  • Are you someone who experienced working losses because of the Coronavirus pandemic?
  • Did you start with your business on or before 2020, January 31?
  • Does your business have less than five hundred employees?
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If the answers to all the above mentioned questions is a yes, then you can easily apply for SBA loans. However, it is essential to fall within the size standards before you fill in the application. You are eligible for an EIDL if:

  • Someone who has a sole proprietorship, with or without employees.
  • An independent contractor
  • A business consisting of a nursery and agricultural cooperative.
  • An agriculture enterprise with no more than five hundred employees

How can I make use of my Coronavirus EIDL funds?

Economic injury disaster loans are introduced by the experts to help pay vital expenses. Hence, such expenses consist of the below mentioned:

  • Payroll
  • Raw items
  • Variable costs
  • Mortgage
  • Business expenses
  • Inventory
  • Utilities 

Know more about SBA disaster loan assistance by getting in touch with the experts today. All the information you need can be easily gathered from them without facing any inconvenience.

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