SBA Update for $10K Advance on Economic Disaster Loans

03.31.2020
 
Staff Contribution
 
Dear friends,
 
Yesterday we sent a note regarding the recently passed CARES Act. This new federal law provides additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL).
 
This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.
 
We have just been informed by the SBA that if you wish to apply for the Advance on your EIDL, please visit  www.SBA.gov/Disaster  as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application.
 
Applying for the Advance will not impact the status or slow your existing application.
 
Again, as new information becomes available on this and other COVID:19 rescue programs, we will pass it along and ask you to share with your contacts.
 
Be well,
 
Derek
 

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