Keyword Analysis & Research: eidl loan forgiveness sba

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Frequently Asked Questions

Do you have to pay back an EIDL loan?

Yes, the short answer is that both regular and COVID-19 EIDL loans do need to be repaid. However, the SBA has offered a deferred repayment schedule for some terms. Additionally, some EIDL advances are structured as grants that don’t need to be paid back. EIDL loans and EIDL advances are not handled the same way when it comes to loan forgiveness.

Who is eligible for EIDL loan?

The loans are intended for businesses, private nonprofits, homeowners and renters that suffered economic losses because of reduced revenues cause by excessive moisture in the area from May 1-Sept. 30 of this year. Primary counties eligible for the disaster loans are Hale, Castro, Jim Wells, Kleberg, Nueces and Willacy Counties.

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