06/04/2021 · Businesses that received a loan subject to the previous loan limit can submit a request for an increase at this time. SBA is now reaching out directly to loan borrowers via email to provide more details about how businesses can request an increase. Borrowers should expect to receive emails from @ or @ proceeds must be used only for eligible payroll costs and certain eligible nonpayroll costs as set forth in program guidance The loan may be forgiven if all employee retention criteria are met and funds were used for eligible expenses. Retain receipts and contracts for all loan funds spent for 3 years. 4. Who is eligible for COVID -19 EIDL?16/04/2020 · Small business owners in all states, Washington , and territories may be eligible to apply for an Economic Injury Disaster Loan (EIDL) of up to $2,000,000 because of the COVID-19 disaster. The loan is made by the Small Business Administration directly and a $10,000 advance on the loan can be requested as ;· Learn about the Targeted EIDL grants here. Over $200 billion in Economic Injury Disaster Loans (EIDLs) have been approved by the Small Business Administration (SBA) as of February 12, 2021. Yet many of those who have received their approval notification are confused about how they can use funds from their EIDL is collecting the requested information in order to make a loan under SBA’s Economic Injury Disaster Loan Program to the qualified entities listed in this application that are impacted by the Coronavirus (COVID-19). The information will be used in determining whether the applicant is eligible for an economic injury Economic Injury Disaster Loan - SBAEIDL Program for COVID-19 - SBASBA Approving Economic Injury Disaster Loans (EIDLs): What 5 Ways You Can and Can’t Use Your EIDL Loan | Nav11/04/2020 · These SBA loans must be used over an 8-week period, at which time businesses will need to apply through their lender for forgiveness. Small businesses that receive a PPP loan should use it for: Wages, commissions, and salaries: Use the funds to keep your employees on staff instead of cutting their hours, furloughing them, or laying them , the loans can be used to purchase more inventory for your business and cover rent and utilities. EIDL funds can also be used to purchase what the SBA considers “extraordinary items”, which are needs outside of normal operations and directly caused by the disaster. These include: Inventory replacement; Additional advertising costs

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