New Grants & Loans for Small Businesses and Independent Contractors
Small Business Administration Economic Injury Disaster Loan (EIDL) Re-opens
CHAMBER UPDATE: June 16, 2020
SBA Economic Injury Disaster Loan (EIDL) Re-opens
The SBA Economic Injury Disaster Loan program, commonly referred to as EIDL, has re-opened for applications. The program consists of two parts. An Advance is available in the amount of $1,000 per employee, up to a maximum of $10,000. This money is in the form of a grant, however, if you apply for/receive Paycheck Protection Program (PPP) funds, the EIDL Advance will be combined with PPP when you apply for forgiveness.
The second part of EIDL is a low interest 3.75% loan. Here are a few things to know about the loan.
SBA will determine the amount you are eligible to receive. You can request less at loan signing time
Payments are deferred for 12 months, but interest accrues from the time of funding
The loan term is 30 years, but there is no prepayment penalty. You can pay back the loan at any time
The loan can only be used to pay regular working capital expenses. You can't re-locate, purchase fixed assets, expand your business, or pay off/re-finance debt with this loan
Apply by clicking HERE
Have questions or need assistance? Contact the following:
Illinois Small Business Development & International Trade Center
College of Lake County