SBA Loan Programs Open for Applications
SBA EIDL Loan Portal Has Reopened
The SBA just reopened the EIDL loan application portal for all small businesses.
This loan term is up to 30 years with a 3.5% interest rate. The loan can be used to
pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
This is a great loan opportunity.
If you have applied and not heard back yet, check your email and your SPAM filter. The SBA has been sending email notifications for approvals and next steps on these loans. Over the past few weeks they have been approving 800 -1000 loans a day in Massachusetts.
If the changes regarding the PPP loans make them appealing to your business and you have not already applied, contact your bank and apply NOW. The deadline is
and this deadline was not extended by the PPP Flexibility Act. If you want to know more about the PPP Flexibility,
provides a good summary of the update for businesses.