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$100 Billion Worth of EIDL SBA Loans About to Go to Waste
Nearly $300 billion in EIDL loans and grants have been approved by the SBA.
In Pennsylvania and New Jersey alone, about 282,000 businesses grabbed around $20 billion in loans and grants since the program’s inception.
Guys… $100 billion is still up for grabs right now. The problem is… that opportunity expires at the end of this year. News flash: that’s next month.
Chances are, if your business was affected by the pandemic, you are eligible for the EIDL, PPP, or whatever SBA loan is available.
Especially if you’re a small business with fewer than 500 employees, you will probably be approved for an EIDL with as much as $2 million. The interest rate is 3.75% for for-profit companies and 2.75% for nonprofits which really isn’t bad at all.
Also, with less than 10 employees, you could get an additional $5,000 under the agency’s Supplemental Targeted Advance Program.
The period at which these loans mature is 30 years, which would be less than $500 a month for a $100,000 loan. The SBA is eager to get rid of this money, because it’s actually easier than ever to get one, too.
According to SBA Administrator Isabella Casillas Guzman: “We’ve retooled this critical program. Our mission-driven SBA team has been…