Economic Injury Disaster Loan program accepting applications
March 31, 2020
•Land Line Staff
The application for an Economic Injury Disaster Loan is now available.
The U.S. Small Business Administration posted the application for the loan, which is part of the United States’ recent coronavirus relief legislation, on its website.
On Monday, March 30, the Owner-Operator Independent Drivers Association sent an email to its more than 160,000 members to inform them about the loan, as well as other assistance opportunities in relation to the coronavirus pandemic.
Economic Injury Disaster Loans are loans of up to $2 million that carry interest rates up to 3.75% for companies, as well as principal and interest deferment for up to four years. The loans may be used to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses. Small businesses, independent contractors and sole proprietors negatively affected by COVID-19 are encouraged to apply.
“As part of this emergency legislation, small businesses, independent contractors and sole proprietors can obtain an advance of up to $10,000,” OOIDA wrote to its members. “This advance is a grant, which means it doesn’t have to be repaid, even if you are later denied an EIDL loan. Under the legislation, the Small Business Administration is required to provide this grant within three days of application.”
OOIDA said the emergency EIDL program is only one of the financial assistance programs available.
The Association created a document to provide its members an overview of all of the assistance opportunities related to the COVID-19 national emergency.
As part of the document, OOIDA provides information regarding relief checks that are going out to individual Americans, as well as options regarding Small Business Administration assistance, tax relief, and new COVID-19 paid leave requirements.
In addition to the EIDL program, the Small Business Administration is directing $349 billion to its Paycheck Protection Program. As of March 30, applications for the program had not yet been opened.
More information regarding all of the COVID-19 related Small Business Administration programs can be found here.
OOIDA said it will continue to update its members with information regarding these new programs. OOIDA is accepting questions at firstname.lastname@example.org.
For the latest updates from federal and state governments on the COVID-19 coronavirus outbreak, click here.