Purpose: To meet Financial obligations and operating expenses that could have been met had the disaster not occurred.
Loan Amount: Max loan amount $500k.
Terms: 3.75% for business, 2.75% for nonprofits. 30 year loan, no-prepayment penalty or fees.
Use of proceeds: Working capital and normal operating expenses.
Collateral Requirements: Required for loan over $25k.
Forgivable: No. Loan maybe repaid at any time with no pre-payment penalties.
1st payment: 1st payment deferred 12 months. You can make payments if you like. Interest accrues during deferral period.
Who is eligible for COVID-19 EIDL?
Applicants must be physical located in the USA or designated territory and suffered capital losses due to the Coronavirus Pandemic. Eligible applicants include: