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Frequently Asked Questions

How to qualify for EIDL loan?

To qualify for the first grant, a business would apply for the EIDL via the SBA’s website and within a matter of a few days would receive a deposit in its business bank account equal to $1,000 multiplied by the number of full-time employees (up to $10,000).

Are EIDL loans forgivable?

The short answer is that EIDL loans themselves are generally not forgivable, but there are two Supplemental Advances that may be. Here’s a breakdown of what you need to know about EIDL loan forgiveness by funding type. What Loans Are Available?

What is the EIDL loan?

Its Economic Injury Disaster Loans, or EIDL loans, offer working capital to help businesses recover from all kinds of disasters. Best of all, these disaster loans come with super-low interest rates, making them excellent loans for all kinds of businesses.

What is the EIDL advance?

The Targeted Economic Injury Disaster Loan (EIDL) Advance is one form of funding from the U.S. Small Business Association (SBA) meant to help business owners ease the economic burden caused by COVID-19. There are certain rules and restrictions that apply to Targeted EIDL Advances.

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