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:

1. Business with 500 or fewer employees 
2. Most private nonprofit organizations 
3. Faith-based organizations
4. Sole Proprietorships and Independent Contractors 
5. Must be in business on or before Feb 15th, 2020

Docs required:

• Application (Through link provided)
• Most recent Business Tax Return
• Business Voided Check 
• Drivers License for owners over 20% (Front & Back)
• Declined letter from SBA (If applied and declined in the past for EIDL)