SBA closes EIDL Advance program after granting $ 20 billion
A program to offer grants to small companies pending a choice on their Catastrophe Financial Injury (EIDL) mortgage purposes got here to an in depth after exhausting $ 20 billion in emergency funds supplied by the Congress, the US Small Enterprise Administration (SBA) stated on Saturday.
The EIDL Advance program supplied companies with $ 1,000 per worker as much as a most of $ 10,000. Recipients didn’t must be permitted for a mortgage to obtain program funds upfront. The funds went to almost 6 million small companies, together with nonprofits, sole proprietors and impartial contractors, amongst others, the SBA stated in a press launch.
The SBA will proceed to just accept purposes for loans from the EIDL program, which supply an rate of interest of three.75% for small companies and a pair of.75% for nonprofits, a time period of 30 years and a automated deferral of 1 yr earlier than the beginning of month-to-month funds. . Companies can apply for EIDL loans on the SBA Catastrophe Help web page.
Organizations that obtain a Paycheck Safety Program forgivable mortgage and an EIDL Advance grant should deduct EIDL Advance funding from the quantity eligible for the PPP mortgage forgiveness.
AICPA specialists talk about the most recent PPP packages and different small enterprise assist packages at a weekly digital city corridor. The webcasts, which give CPE credit, are free to AICPA members. To go to the AICPA City Corridor Sequence internet web page for extra info and to register.
the AICPA Paycheck Safety Program Assets Web page homes sources and instruments produced by the AICPA to assist deal with the financial affect of the coronavirus.
For extra info and tales in regards to the coronavirus and the way CPAs can deal with the challenges of the pandemic, go to the JofAof coronavirus useful resource web page.
– Jeff drew ([email protected]) is a JofA editor-in-chief.