The SBA has announced applications for the Economic Injury Disaster Loan (EIDL) grant will be available by January 17, 2021.
The EIDL grant is a form of small business relief providing up to $10,000 dollars in grants (completely free and non-repayable money) to select small businesses. The grant program was part of the initial CARES Act in 2020, but funds were exhausted within months. In December, Congress allocated additional funds for the program.
Businesses currently in a payment plan to repay the EIDL Advance no longer need to pay it. Any payments made to the bank should be reimbursed back to you. Learn more about the EIDL Advance Grant.
The EID loan (EIDL) program (a 30-year term loan with a 3.75% interest rate, 2.75% for non-profits) was unchanged by the recent legislation and is still open through December 31, 2021. Learn more about the EIDL program.