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005 – UPDATE AS OF APRIL 9, 2020: COVID-19 ECONOMIC INJURY DISASTER LOAN (EIDL)

Posted On April 13, 2020
Posted By Jeong Ku Hwang


Quick Facts for April 9, 2020:
Here is the most recent update regarding the COVID-19 Economic Injury Disaster Loan (EIDL).

It might take longer than 3 days to receive the Advance due to overwhelming demands.
SBA scaled down the Advance to $1,000 per employee; up to $10,000.
U.S. Senator Brian Schatz’s summary page: click here.

IMPORTANT NOTE: While the law provides that SBA shall provide the funds within 3 days of applying for an SBA Economic Injury Disaster Loan (EIDL), overwhelming interest in the program has slowed the process. This makes it difficult to estimate when applicants will receive the advance.

Amount:
The law provides that applicants can request up to $10,000; however, because of high demand, the SBA has decided to scale the advance and will provide $1,000 per employee for up to ten employees. For example, an applicant with two employees would get $2,000, an applicant with ten employees would get $10,000, and an applicant with more than ten employees would still get $10,000.

Some physicians decide to apply for PPP (Paycheck Protection Program) Loan only and skip the EIDL.

Paycheck Protection Program (PPP) Loan:
- Available now through June 30, 2020.
- U.S. Senator Brian Schatz’s summary page, click here.
- Click here for an SBA PPP loan information and here to download an application.
- Borrower Information Sheet, read more here.
- Loan forgiveness for 8 weeks from loan date.
- Can be used for payroll, rent, utility.
- See below for lender information.


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