The 8-Second Trick For What Can I Spend My EIDL Loan On? - Bench Accounting

Company Info This area is the longest and requires your income statement since Jan. 31, 2020. It is very important to note that not all answers are required. Areas marked with a red star should be completed. If youtube marked, just fill them out if they use to your business.

If owned by individuals, you need to supply details on each owner who has a 20% stake in business or more. Details requested will consist of: Home address, Phone number, Social Security number, Date and birthplace, Citizenship status Extra Information This area includes questions about criminal charges versus any owners, then continues to submission of the application.

Little Known Facts About SBA Increases Max EIDL Loan to $2 Million - Wiss.

The application can be found on the SBA Disaster Loan Assistance webpage. The SBA has actually extended the application deadline to Dec. 31, 2021. Don't confuse the brand-new Targeted EIDL Advance with the previous EIDL Advance, which is no longer readily available. You can not get the Targeted EIDL Advance. If you certify, the SBA will call you.

The Targeted EIDL Advance was signed into law Dec. 27, 2020, as part of the Consolidated Appropriations Act (CAA), 2021 and offers targeted "companies located in low-income communities with extra funds to guarantee small organization connection, adaptation, and resiliency." This program offers up to $10,000 in forgivable funding to previous EIDL candidates who: Lie in a low-income neighborhood as defined by section 45D(e) of the Internal Earnings Code; and, Can show a more than 30% reduction in income during an eight-week duration starting on March 2, 2020, or later; and, Previously received an EIDL Advance for less than $10,000 If you fulfill all of the qualifications above and: Received no advance due to absence of available funding; and, Have 300 or fewer workers You may also be eligible for the Targeted EIDL Advance.