All available funds for the EIDL Advance program have been allocated. By law,SBA is not able to issue EIDL Advances once program funding has been obligated and is no longer available.EIDL loan applications will still be processedeven though the Advance is no longer available.
People also ask
Can I still apply for an EIDL loan?
EIDL loan applications will still be processed even though the Advance is no longer available. EIDL loans bear interest at 3.75% and come with significant loan program requirements that very few borrowers are aware of or have thought about.
What is the EIDL program?
The EIDL program is a disaster relief fund administered through the U.S. Small Business Administration (SBA). The SBA Economic Injury Disaster Loan program provides emergency loans to small businesses facing economic hardship and challenges as the result of a declared disaster鈥攍ike the COVID-19 pandemic.
Is the SBA still accepting EIDL applications?
Currently, the EIDL is accepting new applications and approving new loans. The SBA plans to continue accepting new EIDL applications through December 2021 (pending the availability of funds). What is the application process for EIDL loans?
Why do EIDL borrowers violate civil and criminal laws?
In summary, a very high percentage of EIDL borrowers are in violation of civil and criminal statutes and loan provisions because of one or more of the following: They did not have the degree of Substantial Injury as the law requires when they applied and received the loans. They have spent loan monies on prohibited expenses.