EIDL Small Business Loan Portal Re-opens Cannabis By Jessica Wasserman, Esq.
After more than a month, the Small Business Administration has finally reopened the Economic Injury Disaster Loan and Advance Emergency Grant program. Small business applicants from all industries may now apply.#EIDLloan On June 15, SBA re-opened its portal for accepting new EIDL loan applications, including the program providing the $10,000 loan advance. The advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue and will not have to be repaid. Recipients do not have to be approved for a loan in order to receive the advance, but the amount of the loan advance will be deducted from total loan eligibility. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
On June 17, SBA issued an additional IFR which included additional clarification on how EIDL loans that are rolled into PPP loans #PPPloans will be treated. The IFR states that “For purposes of determining the percentage of use of proceeds for payroll costs (but not for forgiveness purposes), the amount of any refinanced EIDL will be included.”
SBA has also issued updated new loan forgiveness guidance and application forms for PPP loans.
Questions:
Jessica@wassermandc.com
About Greenspoon Marder Greenspoon Marder is a national full-service business law firm with over 200 attorneys and offices across the United States. We are ranked among American Lawyer ’s Am Law 200, as one of the top law firms in the U.S. since 2015. Our firm was founded with the goal of providing the highest quality legal services at the highest value for our clients. Each of our clients is unique and so are their legal needs. We believe no one size fits all for professional services. Our lawyers offer flexible and creative solutions to meet our clients’ respective needs. Our mission is to understand the challenges our clients face, build collaborative relationships and craft solutions with a focus on strategic goals.
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