All US citizens are eligible Relief, and Economic Security (CARES) Act which expands the Small Business Administration’s long-standing Economic Injury Disaster Loan Program (EIDL). The EIDL program was created to assist businesses, renters, and homeowners located in regions affected by declared disasters.
The U.S. Chamber is working to ensure Congress replenishes the funds to meet demand from small businesses in need. For immediate assistance on a question or application, please email: DisasterCustomerService@sba.gov
Attorney Explains EIDL Contract Documents (Detailed Overview of Loan Terms)
What can I (and can not) use the EIDL loan for?
What can you use the EIDL loan for? I know so many of you keep asking your CPA, Accountants, and even the SBA and cannot find a straight answer on this simple question, "What can I use the EIDL loan for?" In This video I will decode the what the EIDL loan contract means, including collateral requirements, hazard insurance, fixed assets, distribution of assets, and how you need to keep records.With this information you can make the best choices for your business and use the EIDL loan the best way during COVID-19.
SBA EIDL - Okay I got approved for $120,000 out of the $150,00 they offered me and I finally received the Promissory Note and the Contract that the SBA has sent me... I'll go ahead and breakdown the promissory note and what provisions are in the contract that I like and I don't like. Please remember that I am NOT AN ATTORNEY so this video is simply my interpretation of the contract. Please seek your own legal counsel and advice from a licensed attorney! Here it is! SBA EIDL Approved... Contract Breakdown. Enjoy!
Now, this video MAY gets shutdown if SBA asks for me to shut it down due to non-disclosure reasons. (I didn't see any non-disclosure clause in the contract) But we want to be safe and compliant.