The $ 200 billion COVID-19 Injury Economic Disaster (EIDL) loan program has reached a milestone. According to Small business management (SBA), to date, the EIDL program has provided American small businesses, nonprofits, and agricultural businesses with this impressive sum. And the SBA says it hasn’t finished making the loans.
To this end, the SBA announced the extension of the EIDL until December 31, 2021. The extension is part of the bipartisan COVID-19 relief bill passed by Congress and enacted by President Trump on December 27, 2020. This means that the EIDL loan program will continue to accept applications until December 2021. And of course. , this will depend on the availability of funds for the program.
EIDL program helps 3.7 million small businesses during COVID
The $ 200 billion allows 3.7 million businesses to keep operating, retain their employees and support their communities. Loan recipients can use EIDL program money to pay fixed debts, payroll and expenses, accounts payable, and other bills they cannot pay.
In the publication of the milestone announcement, Acting Administrator Tami Perriello, said more than 20 million people have been helped through 3.7 million businesses. Adding: “SBA remains committed to helping small businesses recover from the unprecedented economic effects of COVID-19.”
The new Biden administration is in the process of passing a $ 1.9 trillion bill that will further help small businesses with additional funds. The plan provides $ 15 billion to create a new grant program for small business owners in addition to the P3. And a $ 35 billion investment program with low-interest loans in different segments.
A proposed increase in the minimum wage of $ 15 an hour is also part of the plan. This includes a call to end tip minimum wage and less than minimum wage for people with disabilities.
If you want to apply for the COVID-19 EIDL loan, the SBA is still accept applications until the extended deadline of December 31, 2021. If you are a small business or non-profit organization, you can get more information about EIDL and others recovery programs. This includes the Paycheck Protection Program, SVO Grant Program, SBA Express Bridge Loan, SBA Debt Relief, and Cross-Program Eligibility.
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