There was even more excitement around the EIDL program this past week when Administrator Guzman announced the SBA's intentions to begin offering EIDL loans of up to $2M later this summer. At the same time, the agency still struggles to get the $500K increases off the ground.
For most business owners these days, the first thing that comes to mind when they think SBA is EIDL or PPP. And they think about 2020 and don’t want to miss out on any entitlements. In my opinion, the SBA is doing a disservice to the small business community by talking about the EIDL without framing it. EIDL increase should be available for companies that were and continue to be decimated by Covid-19. This program is not a free for all. Remember the terminology: Economic Injury Disaster Loan. If Covid was a disaster for your business, you should be able to apply for an increase. But disaster should mean disaster. Not flat or down 10%.
And please don’t forget that good old-fashioned SBA loans are still being issued every day and are available for qualified businesses with incentives that end on September 30th. If your business is looking for working capital, this could be a great way to go. To learn more, please join us for a live Aminar at noon EST today or on-demand learning here.