Thought you knew everything there was to know about pandemic government funding programs like the PPP and EIDL?
Well, think again.
Just so you know, unlike the standard SBA loan programs, the Covid EIDL disaster program is new, temporary, and based on funding. Once funding runs out, the program is over, unless Congress passes a law to extend it. So far, Congress has not done that.
This is actually what Congress is doing about the earmarked Covid-19 EIDL funds
As you know, there has been a big push to get funding to American businesses during the pandemic, and the EIDL loan program has been wildly successful.
Unfortunately, this door is closing sooner than expected. With the recent passage of the infrastructure bill, the government is taking funding earmarked for this program and using it for other purposes.
More facts about the SBA’s Covid-19 EIDL program
This is a loan of up to 500K at 3.75% over 30 years. Furthermore, the first two years of payments are deferred. This is a once-in-a-lifetime opportunity for your less-qualified merchants. We estimate that the funds will be depleted by the end of October 2021.
To learn more about the SBA’s COVID-19 relief programs for small businesses, please click here. Also be sure to read our list of frequently asked questions about the COVID EIDL loan program, click here.
How Jasmine Rose can help your business get small business funding
As small business financing brokers, our office can assist you with all of the types of government funding programs and more. We also work with commercial banks and private entities to get our clients the funding they need.
A Jasmine Rose financial consultant can connect you to the right funding for your business. The process is simple and easy.
No more brain numbing Google searches and trying to understand the ins and out of small business lending and whether you qualify.
Ditch the woes and trust the pros. Contact us today for headache- and stress-free solutions to finance your business.