CLARKSBURG, W.Va. – The Small Business Administration gave an overview of its economic disaster lending programs in an open appeal Wednesday with several news agencies.
During the call, SBA officials spoke about several programs open to small businesses and nonprofits.
Among these programs, Economic disaster loans are offered. They can be used for payroll and other normal expenses, including bills, regular land payments and rent, according to SBA officials.
The maximum loan authorized per business will be based on several criteria, but no organization will be able to receive a loan of more than $ 500,000. Companies already approved in 2020 for EIDL loans have a 24-month deferment period from receipt of the loan to begin payments, and those received in 2021 will have an 18-month deferment, SBA officials said. .
Also as part of the EIDL program, two scholarships that do not require a repayment period are offered, those Targeted EIDL Advance program and additional EIDL Advance program, according to the SBA.
In order for an organization to be considered for these grants, it must complete an EIDL application and meet different qualifications. A mapping tool is available on the SBA website to help businesses understand whether their area is considered a low-income area for grant purposes, SBA officials said.
Grants can be accepted without accepting a loan, and organizations that have been turned down for an EIDL loan may still receive a targeted and / or additional EIDL advance grant, according to the SBA.
At the time of the press appeal, only $ 550 million of the $ 5 billion EIDL additional grant had been used. Of the $ 30 billion in funds available from the targeted EIDL grant, only $ 1.5 billion has been distributed, SBA officials said.
For a full description of the rules and restrictions of these new EIDL programs, visit SBA website or contact the West Virginia office of the SBA at 304-623-5631.