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April 6th, 2020
COVID-19 News & Updates
As you know, the Coronavirus is having an impact on business and society. Our thoughts and prayers are with all those impacted by the situation. We will be providing daily and weekly updates about COVID-19 to you. We hope that you find these interesting and informative.

EIDL Loan Advance

There are currently two types of loans available: Economic Injury Disaster Loans (EIDL) and Paycheck Protection Loans (PPP). See the differences above. We have discussed the Paycheck Protection Loan in great detail last week. If you missed those newsletters, click here!

Here is the breakdown on the second loan, Economic Injury Disaster Loans (EIDL)

Overview:

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000 . This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.

The requirements for the application have also been scaled down and no additional documentation such as tax returns or personal financial statements are required when submitting the application. The SBA claims you will receive this grant within three days of the application filing, whether or not you ultimately qualify for a loan.

Eligibility:

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the  SBA’s size standards  for those industries.

The Economic Injury Disaster Loan advance funds will be made available within days of a successful application.

The process should be quick because lending decisions are based on self-certification and personal credit score. Also, the requirement that you be unable to obtain credit elsewhere has been waived. Therefore, you can apply even if you already have a credit line.

Registration online is already open! To apply for a COVID-19 Economic Injury Disaster Loan and loan advance,  click here. Don't waste time-apply now!

Institute for Health Metrics and Evaluation

They have a great interactive mobile friendly website that is updated daily with COVID-19 Metrics Information. Bookmark this website and check back daily!

  • Toggle between the United States or State by State
  • How many days until Peak Resource Use
  • Deaths per day
  • State by State Government Mandated Social Distancing



On behalf of all of our team, please know that we are here for you and that we will continue to do everything we can to support you during this time. Please do not hesitate to let us know if there is anything you need! 

The Hatcher Agency

Sources:
Artice 1: EIDL Loan Advance