The EIDL Emergency Advance can be used
Notice: New Eligibility for EIDL Loan and Advance
Due to the overwhelming demand of the Economic Injury Disaster Loan (EIDL) & Emergency Advance, on the second round of funding the SBA re-opened the EIDL application process but only for agricultural businesses.
Many people who applied with Upwise on the first round received their EIDL loan or EIDL Emergency Advance. The SBA portal stopped accepting new applications on April 15 and any applications received before then will be processed on a first-come, first-served basis.
The EIDL loan provides relief from economic injury caused directly by the disaster and permits you to maintain a reasonable working capital position during the period affected by the disaster.
You can still complete an application through Upwise to be submitted to the SBA for when they start accepting applications again for regular businesses.
We recommend applying to get your application in line, as the additional round of funding may go just as fast this time.
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The benefit of working with Upwise is instant access to our SBA platform supported by its automated lending platform, secure file technology, and a state-of-the-art SBA referral system
What is an EIDL Emergency Advance?
The EIDL Emergency Advance, also known as the EIDL Grant or Emergency Economic Injury Grant (EEIG) are all the same thing. In short, it’s an advance against your EIDL loan for up to $10,000.00 that does not have to be paid back, so in essence – it will convert to a grant.
The Paycheck Protection Plan (PPP) will forgive the debt used for payroll costs, mortgage interest, rent and utility payments!
EIDL Emergency Advance
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.
Who Can Apply
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.
Not-for-profits organizations (except those receiving Medicaid funds) and Veterans organizations.
**NOTICE: New eligibility is made possible as a result of the latest round of funds appropriated by Congress in response to the COVID-19 pandemic.
- Agricultural businesses includes those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).
- SBA is encouraging all eligible agricultural businesses with 500 or fewer employees wishing to apply to begin preparing their business financial information needed for their application.
At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.
How to Apply
You can apply through Upwise Capital and it’s SBA Approved & Trusted Lenders. The process is the same for the EIDL loan, you just have to be sure to check the correct box when applying for the EIDL, to be considered for the advance.
In order for you to qualify for the SBA Economic Injury Disaster Loan Emergency Advance, you just need to fill out the application below and we will send you an email with additional questions.
Some may call it a grant, some call it an advance. The EIDL Emergency Advance is really just a $10,000.00 advance on your EIDL loan, that the government decided you don’t need pay back.
This loan advance will be forgiven and not have to be repaid.
If you wish to begin preparing your Economic Injury Disaster Loan (EIDL) application, you can click the link below to start the application or reach out to one of our funding advisors at (646) 837-5522 or email firstname.lastname@example.org to get started.
Other Relief Loans Available From Upwise
Paycheck Protection Program (PPP)
The PPP is a loan designed to provide direct incentive for small businesses to keep their workers on payroll.
SBA Express Disaster Bridge Loan (EBL)
The SBA Express Bridge Loan allows small businesses affected by coronavirus to access up to $25,000 with less paperwork.
Economic Injury Disaster Loan (EIDL)
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million.
The SBA 7(a) Loan can help businesses respond to opportunities and challenges associated with COVID-19.
Now Available: SBA Relief Loans
Paycheck Protection Program (PPP), SBA Express Bridge Loans,
Economic Injury Disaster Loans (EIDL), SBA 7(a) Loans, SBA Debt Relief
What does this Aid Bill mean for Small Business?
For many small business owners this relief could not come fast enough. The SBA has never been tasked with disaster relief of this scope, so EIDL Loan guarantees will be distributed through the 7(a) loan program.
At Upwise Capital, we have many years of experience working with trusted + approved SBA Lenders in which our funding advisors are trained to walk you through every step of the way. We handle all the paperwork and filing on your behalf, so you can get back to the more important things, like running your business.
We advise business owners to take advantage of ALL of the SBA Relief Programs available:
The PPP will cover your Payroll & Overhead Expenses – and if used correctly – will be forgiven – meaning you do not have to pay it back. This is a no brainer – Thanks U.S. Government!
The EBL can get you up to $25K to act as a bridge loan while applying and waiting for the EIDL to go through, which could take some time, considering how flooded the SBA is right now, so get your application in now – for this one.
EIDL can get you up to $2M at the cheapest interest rate but will be the hardest to get approved for.
The SBA 7(a) is always the gold standard of business loans and is offering a Disaster Relief Program!
Business owners should know that they can get a traditional SBA 7(a) Loan for business growth and expansion alongside an EIDL Loan, which may have interest forgiveness in the future.
It also appears that small businesses will be able to defer their payroll taxes until 2021 or 2022. A separate program will provide $17 billion to pay the principal, interest, and fees on outstanding SBA loans temporarily. There are roughly $100 Billion of these SBA Loans Outstanding. If you have an SBA Loan call your SBA lender or Upwise advisor today @ (646) 837-5522
Types of SBA Loans
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