At long last, beginning today, October 8, the Small Business Administration (SBA) will begin reviewing and qualifying Economic Injury Disaster Loan (EIDL) applications in excess of $500,000. You will recall that the maximum loan amount was increased early last month from the original $500,000 cap to the current $2 million limit. At the same time,…
Read More »As was announced by the Small Business Administration (SBA) a couple of weeks ago, major changes to the Economic Injury Disaster Loan program (EIDL 2.0) have been implemented which present a short window of exclusivity for smaller businesses. Beginning October 8, 2021, the SBA will focus its efforts exclusively on clearing the backlog of EIDL…
Read More »The Small Business Administration (SBA) is increasing the maximum loan amounts under its Economic Injury Disaster Loans program (EIDL) effective April 6. In addition, the increase may also include some level of retroactivity. The EIDL, which was capped last year at six months’ worth of economic injury up to $150,000 maximum, will now be extended…
Read More »Earlier this week, the House of Representatives approved the Senate changes to the $1.9 trillion COVID relief bill and President Biden without any delays at all, signed it into law yesterday. Aside from the direct stimulus payments of $1400 to most Americans under certain income levels, the bill includes an additional $7.25 billion going…
Read More »Those who have yet to access Paycheck Protection Program loans will have to act quickly as the program will stop accepting applications on Tuesday, June 30. Administered by the Small Business Administration (SBA), PPP was funded by Congress to the aggregate amount of $610 billion, but as of this writing there is still almost $100…
Read More »In other equally important SBA news, the agency this week also announced the reopening of the Economic Injury Disaster Loan (EIDL) program to all small businesses. The popular program, to which Congress had appropriated an additional $50 billion and expanded EIDL eligibility through the CARES Act earlier this year, was quickly overwhelmed and shut down…
Read More »As more business interests look to survive the unprecedented challenges of the coronavirus pandemic, funds for government assistance and business loan programs have rapidly been stretched to their limits. Just this week, the SBA dramatically restricted access and financing limits when it reopened the Economic Injury Disaster Loan program (EIDL). The program, which previously offered…
Read More »There are two upcoming webinars that we think will be very helpful to our readers, the first of which is this afternoon. From 2:00 to 3:00 PM EDT today, April 24, 2020 Immediate Cash Flow and Refund Opportunities from the Government Stimulus Programs and Tax Changes will feature Restaurant Finance Monitor’s John Hamburger and panel…
Read More »The Paycheck Protection Program (PPP) has officially run out of money as of late Wednesday evening with the entire appropriation of $349 billion having been allocated to small businesses across the country. The Small Business Administration (SBA), which was charged with the administration of the forgivable loan program as part of the massive $2.2 trillion…
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