EIDL Small Business Loan Portal Re-opens

Cannabis Jun 19, 2020 Washington, D.C.,

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

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