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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.
Gray, Gray & Gray Coronavirus Response and Resource Page

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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