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- The COVID-19 Economic Injury Disaster Loan (EIDL) and EIDL Advance programs provide funding to help small businesses recover from the economic impacts of the COVID-19 pandemic. Key points about EIDL include1234:
- EIDL assistance is available to small businesses when they are unable to obtain credit elsewhere.
- EIDLs provide up to $2 million with a loan term of up to 30 years.
- Funds can be used for working capital, fixed debt, payroll, and other operating expenses.
- Eligibility for EIDLs has been extended to any small business with fewer than 500 employees affected by the COVID-19 outbreak.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The COVID-19 Economic Injury Disaster Loan (EIDL) and EIDL Advance programs provide funding to help small businesses recover from the economic impacts of the COVID-19 pandemic. There are two types of COVID-19 EIDL funding: COVID-19 EIDL loan funds may be used for working capital and other normal operating expenses.www.sba.gov/funding-programs/loans/covid-19-reli…EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere. SBA can provide up to $2 million* to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.www.sba.gov/funding-programs/disaster-assistanc…EIDLs provide up to $2 million, with a loan term of up to 30 years, which can be used to pay for expenses that could have been met had the disaster not occurred, including working capital needs such as fixed debt and payroll and other operating expenses.crsreports.congress.gov/product/pdf/in/in11370The SBA offers EIDLs to eligible small businesses and organizations that have been affected by natural or economic disasters. Due to the COVID-19 global pandemic, eligibility for EIDLs has been extended to any small business with fewer than 500 employees affected by the outbreak.smartasset.com/financial-advisor/emergency-eidl-g… - People also ask
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