Updated: Sep 22, 2022
Economic Injury Disaster Loan Program. I did not receive the full $10,000. What happened?
Under the effect of the coronavirus crisis on the US economy, the Economic Injury Disaster Loan Program (EIDL) is designed to support small businesses. It was managed directly by the Small Business Administration (SBA).
The advance of the loan – which could be up to $10,000 – effectively acts as a grant. This means this amount is forgiven through the program and does not need to be paid back! Better yet, there will be no interest charged on this amount. Take the supporting money and pass this difficult time.
So, again, why did I not receive $10,000 under the EIDL policy?
The advance of the Loan - $10,000 is the maximum
Calculate your employees
SBA assumes $1,000 per employee
If the business has up to 10 employees à receive fully $10,000
If the business has employees within 1-9 employees, the number of employees X $1,000
If the business is sole proprietor, it would be just $1,000
Ok, fine. Must I use this EIDL in a certain way? What should the advance be used for?
Economic Injury Disaster Loan (EIDL) can use a wide range of business aspects, such as office rent, inventory, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. NOT for long-term debt or to consolidate debt.
A good amount of small businesses did not receive the full amount of (EIDL)
Did you receive the full amount? Good for you! How are you going to use the fund and how are you going to track the expenses?
Let us keep track of you by doing monthly bookkeeping and you can focus on managing your business 100%.!
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Call Irvine Bookkeeping today if you have any questions
You reach us at 949-545-9980 or visit us at www.irvinebookkeeping.com