You do not need to apply for forgiveness. We have mortgages, car payments, school tuitions, and other personal expenses that have to be paid, and soon. Create an account to follow your favorite communities and start taking part in conversations. If you need the EIDL to make it through this tough time, we do not think the concerns outlined in #1 and #4 above are strong enough reasons to prevent you from using the money. Applicants apply for COVID EIDL loans directly on SBA's website. Copyright 2023 Merchant Maverick. But if you got an EIDL (Economic Impact Disaster Loan) the answer is yes. September 01, 2021. They tell everyone in the terms & conditions what the proceeds should be used for. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. If you are borrowing 6 figures you are much much more likely to get audited. For practices with enough PPP loan money and/or with enough cash, this loan is likely not a good fit. Requirements: Credit score 600+, $250,000 per year revenue, 6 months in business, Find Loan Options For Your Small Business. Holland & Knight has found that it is currently taking the SBA more than 60 days to conduct its fraud investigations, and it will . However, if you and your practice are truly in survival mode and you need this money to weather this storm, the EIDL is likely a good fit for you. Expansion of facilities or acquisition of fixed assets; 5. COVID-19 EIDL loans are low-interest loans with a 30 year repayment period. The entity is located in a low-income community. See if your business qualifies for EIDL forgiveness below. The Small Business Administration (SBA) approved over $390 billion in COVID-19 Economic Injury Disaster Loans (EIDLs) to help small businesses during the pandemic. If your organization has received funding under the EIDL program, and you have questions regarding your Single Audit filing requirements, please reach out to our Assurance & Advisory team here at LGA and we will be happy to guide you through the requirements. The best path forward for many EIDL borrowers will be to pre-pay the loan once it is clear that it is probably not needed, to allow the business to meet its obligations as they mature, or to pay its ordinary and necessary operating expenses.. This field is for validation purposes and should be left unchanged. The entire United States is considered a declared disaster area because of COVID-19, but proving that the business suffered substantial economic injury to the point of being unable to meet its obligations, or pay its ordinary and necessary operating expenses may be hard to do for many businesses that have cash on hand from PPP loans that will be forgiven, as well as from other sources.
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