EIDL Advance Program Ends

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EIDL Advance Program Ends

The U.S. Small Business Administration (SBA) has ended its Economic Injury Disaster Loan (EIDL) Advance program, after exhausting $20 billion in emergency funding. The program provided near-immediate advance funding of $1,000 per employee (up to a cap of $10,000) for businesses that had applied for an EIDL loan. Nearly 6 million businesses received advanced funding through the program.

The SBA recently resumed (June 15) accepting applications for EIDL program loans, which offer a 3.75% interest rate for small businesses and 2.75% for not-for-profit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. Businesses can apply for EIDL loans on the SBA disaster assistance page .

For more information, please contact Gray, Gray & Gray at (781) 407-0300.

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As Coronavirus continues to impact our daily lives, including the way in which we conduct business, here you will find ongoing updates on Gray, Gray & Gray's response to the outbreak as well as important resources. At Gray, Gray & Gray, we remain committed to helping our clients and friends successfully manage their businesses and individual finances during this challenging time.

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