Dear Clients and Friends,

FYI – SBA (Small Business Administration) has resumed accepting new EIDL (Economic Injury Disaster Loan) applications on a first-come, first-served basis.  SBA had halted new submissions on April 15 due to high demand.  On Monday, June 15, SBA began begin accepting new EIDL loan and EIDL Advance applications from qualified small businesses. 

The EIDL program offers very favorable loan terms for small businesses and self employed that have been adversely impacted by the COVID-19 economic crisis.  Unlike the PPP (Payroll Protection Program), the EIDL loans are not forgivable but are amortized over 30 years at only 3.75% interest.  However, up to $10,000 ($1,000 per employee) in the form of an EIDL Advance is considered a grant that doesn’t need to be paid back.  If you need or foresee needing working capital to cover your business operating expenses through the economic downturn, then EIDL might be a great option for you.  The streamlined application can be found at www.sba.gov

Good article for more:  https://www.forbes.com/sites/advisor/2020/06/17/economic-injury-disaster-loans-are-back-a-renewed-lifeline-for-small-businesses/#2937dd5b5c72

Please contact me if you would like to learn more or have questions. 

Take care,

Eric

Eric Johnson, CPA

Tel. (702) 941-7787

www.ericjohnsoncpa.com

eric@ericjohnsoncpa.com

Eric Johnson CPA LLC

2850 W Horizon Ridge Pkwy #200

Henderson, NV 89052

Near I-215/Eastern Ave. exit; only 2 miles via Eastern to Coronado Center at W. Horizon Ridge. The “Regus” building.

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