SBA Hits $200 Billion Milestone in EIDL Program for COVID Reduction


At $200 billion, the COVID-19 Financial Harm Catastrophe Mortgage (EIDL) program has reached a noteworthy milestone. In line with the Small Enterprise Administration (SBA), so far, the EIDL program has supplied U.S. small companies, non-profits, and agricultural companies this spectacular sum. And the SBA says it isn’t accomplished giving out the loans.

To that finish, the SBA introduced the extension of EIDL to December 31, 2021. The extension is a part of the bipartisan COVID-19 reduction invoice handed Congress and enacted President Trump on Dec. 27, 2020. This implies EIDL mortgage program will proceed to just accept purposes via December 2021. And naturally, it’ll depend upon the supply of funds for this system.



EIDL Program Helps 3.7 Million Small Companies Throughout COVID

The $200 billion is chargeable for 3.7 million companies to maintain working, retain their staff and help their communities. Recipients of the loans can use the cash from the EIDL program to pay mounted money owed, payroll and bills, accounts payable, and different payments they’ll’t pay.

Within the launch of the milestone announcement, Performing Administrator Tami Perriello, says greater than 20 million individuals have been helped via the three.7 million companies. Including, “SBA stays dedicated to serving to small companies recuperate from the unprecedented financial results of COVID-19.”

The brand new Biden administration is within the means of passing a $1.9 trillion invoice that can additional assist small companies with extra funds. The plan requires $15 billion to create a brand new grant program for small enterprise house owners along with PPP. And a $35 billion funding program with low-interest loans throughout completely different segments.

A proposed $15 per hour minimal wage improve can also be a part of the plan. This features a name to finish tipped minimal wage and the sub-minimum wage for individuals with disabilities.

Apply

If you wish to apply for the COVID-19 EIDL mortgage, the SBA continues to be accepting purposes till the prolonged deadline of Dec. 31, 2021. If you’re a small enterprise or a non-profit, you may get extra data on EIDL and different financial restoration packages. This contains Paycheck Safety Program, SVO Grant Program, SBA Specific Bridge Mortgage, SBA Debt Reduction, and Cross Program Eligibility.

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