The SBA has reopened the application portal for Economic Injury Disaster Loans (EIDLs) for those with 500 or fewer employees and have been impacted by the pandemic. Jovita Carranza, SBA administrator said: “With the reopening of the EIDL assistance and EIDL Advance application portal to all new applicants, additional small businesses and nonprofits will be able to receive these long-term, low-interest loans and emergency grants,” The terms of the loans are 3.75% for 30 years with up to $2 million. However, we believe the SBA has capped it at $150,000. Proceeds of the loan cannot be used for the same purposes of the PPP but can be used to pay vendor payables, inventory and general working capital.
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