It is a low-interest federal loan issued by the SBA to alleviate economic injury small businesses or private non-profits are experiencing injury and, in this case, injury caused by the Coronavirus (COVID - 19). Alert Note that the Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, amended and extended the employee retention credit (and the availability of certain advance payments of the tax credits) under section 2301 of the CARES Act. EIDL assistance is available only to a small business engaged in an eligible business activity. The EIDL is for businesses that have experienced financial losses as a result of COVID-19. Frequently Asked Questions COVID-19 Economic Injury Disaster Loan (EIDL) 1. But it also has contractors scrambling to figure out how to tell out if they're in a low income community. EIDL program loan proceeds may be used as working capital to pay for expenses, such as payroll, accounts payable, rent, mortgage, vehicle leases, and other bills that would have been able to be paid if not for the COVID-19 disaster. Economic Injury Disaster Loans – Answers to Frequently Asked Questions March 30, 2020 On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) became law and, among other things, expanded the Small Business Administration (“SBA”) … COVID19 Relief FAQs Responses to Frequently Asked Questions on PPP and EIDL Loans Questions Economic Injury Disaster Loan (EIDL) Paycheck Protect Program (PPP) Why wasn’t I approved? The new stimulus program, signed into law in the last days of 2020, reopens the door for some aid for independent contractors such as with Doordash, Uber Eats, Lyft, Instacart, Grubhub etc. Answers to the Frequently Asked Questions about the COVID-19 EIDL loans and advance grants. • A borrower applying for EIDL can request an advance on the loan of up to $10,000 from the Small Business Administration (SBA). Economic Injury Disaster Loans (EIDL) What is an Economic Injury Disaster Loan? You can use the Capital Access Finance System ( CAWeb.sba.gov ) to track your EIDL after your documents have been signed and submitted through funding. On 04/14/20 I recieved an email from SBA informing applicants that the advance amount would be $1000 per employee with a $10,000 max. • SBA must distribute the Emergency EIDL within 3 days of the request. The loan gives up to $2mm in aid to businesses, including a $10,000 emergency cash advance. 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