Local business owners should consider going to the SBA COVID-19 relief website and filling out the EDIL loan request forms for their business. The website is located at https://covid19relief.sba.gov/ The portal has been closed since shortly after the last stimulus bill, and it just opened again.
Advances up to $10,000 will be treated as a grant to the business, leaving that amount in the company’s bank account that it was ACH’ed to, whether the owner decides to take the end loan offered or not. Read: free money.
If you decide to go through with the loan offered, rates and terms for the loans offered are said to be a low 3.75% for a a long term of 30 years and repayment does not begin until after twelve months. No business collateral is needed for smaller loan amounts, while business assets must be pledged as collateral for higher amounts. So, the SBA’s loan terms are incredibly inviting.
Self-employed persons and those with a side business are also eligible to apply. For more information, go to the SBA website at https://covid19relief.sba.gov/ The application is incredibly easy with some key information at hand, such as your 2019 business tax return.
Do not hesitate too long though! The SBA portal closed rather quickly after it just opened earlier this year.