It’s been seven months since the CARES Act was passed by Congress and became law. The Act provided support for small businesses in the form of the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL).
While the PPP program funds are now exhausted, you may not know that the EIDL program still has funds available to assist your business! The Small Business Administration is accepting applications for these low interest loans with a 30-year term that are designed to assist small businesses to meet financial obligations and operating expenses that would have been covered under normal circumstances. Businesses can use the funds for working capital and for normal operating expenses such as the continuation of health care benefits, rent, utilities, and fixed debt payments.
Even if you think you donâ€™t need the money right now, our West Center business advisors say apply anywayâ€¦ you can always refuse the loan or pay it back early as thereâ€™s no pre-payment penalty.
In California to date, the SBA has issued 549,758 loans totaling $34,161,870,436! And for the US as a whole, 3,612,236 loans have been issued and $191,994,805,796 has been disbursed.
Donâ€™t delay, call West Center today to speak with an expert advisor who can answer your EIDL (and other) questions and walk you through the loan application process. West Centerâ€™s services are always free and confidential. Call 707-964-7571!