Under the CARES Act, the US Small Business Administration (“SBA”) has provided $350B through the Paycheck Protection Program (“PPP”) and the Economic Injury Disaster Loans (“EIDL”) programs to assist small businesses impacted by the COVID-19 pandemic. While those funds were quickly depleted, US Fund Source expects that a new round of funding for both programs is right around the corner. To take advantage of both programs once they open again, it is imperative you prepare your applications now. US Fund Source can help you prepare these applications so you can get the funding you need as quickly as possible. EIDL Consultants are available to help walk you through the process step by step.
-SBA EIDL Loan -SBA EIDL Grants -SBA EIDL Second Round
COVID-19 relief
- *At this time, US Fund Source is offering assistance with EIDL (Economic Injury Disaster Loans) applications directly through the US Small Business Administration (“SBA”). Each EIDL application is individually reviewed, and any loan offers are based on your circumstances. Therefore, US Fund Source cannot guarantee any specific result from your application, but we will make every effort to get the best outcome for you. A US Fund Source funding administrator will use the information you provide to complete your EIDL loan package and to file your EIDL application on your behalf. The administrator will go over this package with you in detail before submitting it to the SBA. You will receive notice directly from the SBA once your application is submitted. In addition to EIDL assistance, US Fund Source can help with your Paycheck Protection Program loan application at no additional cost. Please reach out to your US Fund Source representative for more information, or email us at [email protected]
- **As of 4/23/2020, 6:20 PM EST-The House just passed another $480 billion in coronavirus relief. The US Small Business Administration (“SBA”) is about to approve additional funding for the PPP & EIDL Program. The first round of funding was exhausted in two weeks, and we expect that the second round will be exhausted just as quickly. PPP & EIDL loans are being funded on a first-come, first-serve basis so submit your PPP & EIDL loan application right away with US Fund Source. Any delay will hurt your chances of being approved for a loan.
- ***Loans approved before April 7, 2021, for less than $500,000 are likely eligible for an increase based on new loan maximum amounts announced March 24, 2021. Businesses that received a loan subject to the previous loan limit can submit a request for an increase at this time. EIDL Round 2 is a direct part of the EIDL second round and consists of either an increase in loan amount up to $500,000.00 or a inital loan of up to $500,000.00.
Loan Amount
Recieve up to $2 Million in loan proceeds and a forgivable advance or grant up to $10,000
Eligible Businesses
Small Businesses with less than 500 Employees, including nonprofit organizations
Loan Use
Necessary Day to Day expenses like payroll, accounts payable, mortgage interest, rent, and utilities
Under the CARES Act, the US Small Business Administration (“SBA”) has provided $350B through the Paycheck Protection Program (“PPP”) and the Economic Injury Disaster Loans (“EIDL”) programs to assist small businesses impacted by the COVID-19 pandemic. While those funds were quickly depleted, US Fund Source expects that a new round of funding for both programs is right around the corner. To take advantage of both programs once they open again, it is imperative you prepare your applications now. US Fund Source can help you prepare these applications so you can get the funding you need as quickly as possible.
-SBA EIDL Loan -SBA EIDL Grants -SBA EIDL Second Round
-Economic Injury Disaster Loan (EIDL)
-EIDL Round 2 | EIDL Second Round
-EIDL Increase | EIDL 2nd Round
Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to COVID-19. For loans approved starting the week of April 6, 2021: 24-months of economic injury with a maximum loan amount of $500,000. Loans approved before April 7, 2021, for less than $500,000 are likely eligible for an increase based on new loan maximum amounts announced March 24, 2021. Businesses that received a loan subject to the previous loan limit can submit a request for an increase at this time.
- 3.75% for businesses (fixed)
- 2.75% for nonprofits (fixed)
- 30 years Maturity
- No pre-payment penalty or fees
- Set up online payments through Pay.gov OR mail payments to:
U.S. Small Business Administration
721 19th Street Denver, CO 80202
An EIDL Loan Consultant at US Fund Source can help you with all required documentation including loan increase forms, hazard insurance, and board of resolution documentation.
SBA Notes:
Borrower shall, within 180 days of receiving any disbursement of this Loan, submit the appropriate SBA Certificate and/or Resolution to the U.S. Small Business Administration, Office of Disaster Assistance, 14925 Kingsport Rd, Fort Worth, TX. 76155.
Within 12 months from the date of this Loan Authorization and Agreement the Borrower will provide proof of an active and in effect hazard insurance policy including fire, lightning, and extended coverage on all items used to secure this loan to at least 80% of the insurable value. Borrower will not cancel such coverage and will maintain such coverage throughout the entire term of this Loan. BORROWER MAY NOT BE ELIGIBLE FOR EITHER ANY FUTURE DISASTER ASSISTANCE OR SBA FINANCIAL ASSISTANCE IF THIS INSURANCE IS NOT MAINTAINED AS STIPULATED HEREIN THROUGHOUT THE ENTIRE TERM OF THIS LOAN. Please submit proof of insurance to: U.S. Small Business Administration, Office of Disaster Assistance, 14925 Kingsport Rd, Fort Worth, TX. 76155.
SBA Portal Notes:
EIDL Disaster Application Overview
1. Getting Registered
2. Submitting Application – for all BUT Sole Proprietor
• The form 5, IRS 4506T form, Personal Financial Statements,
Schedule of Liabilities and Tax Returns.
3. Submitting Application ONLY for Sole Proprietor
• The form 5C, IRS 4506T form, Personal Financial Statement,
Schedule of Liabilities and Tax Returns.
4. Checking Status of Your Application
EIDL Additional Information
The SBA Economic Injury Disaster Loan program provides low-interest loans to businesses recovering from declared disasters, including COVID-19.
Loan proceeds can be used to cover costs such as payroll, accounts payable, operating expenses, fixed debt and other costs companies can’t pay due to the coronavirus crisis.
The loan is administered and funded by the SBA.
How much can you borrow?
- Loan maximums will vary depending on your business’s unique financial profile, but SBA disaster loans are capped at $2 million. EIDL Limits are set at $500,000.00.
Who is eligible?
- Small business owners and non-profits in all U.S. states and territories experiencing economic hardships caused by the coronavirus pandemic are eligible to apply. Business Owners who received a max $150k on the first round of funding can apply for up to $500,000 less the difference of the original disbursement.
what is the interest rate?
Interest rates are fixed at 3.75% for small businesses and 2.75% for non-profits.
Are SBA PPP Loans the Same as Disaster Loans?
what is the repayment term?
Terms are available for up to 30 years.
what is the economic injury disaster loan grant?
All small businesses and non-profits that apply for an Economic Injury Disaster Loan are eligible to receive up to a $10,000 grant. Funds will be made available within 3 days of a successful EIDL application. Grant proceeds do not have to be repaid. Your grant amount will be based on your annual revenue and the cost of goods sold over the past 12 months.
After you submit all required information and documentation through our application assistance service, a US Fund Source business consultant will help prepare and submit your EIDL package.
The SBA will process your application and timing could take anywhere from 2 weeks to 90 days. An EIDL advance will be issued to eligible applicants within 3 days of receiving and SBA confirmation number.
- If you meet the minimum requirements to apply for a disaster loan, the grant will be available to you whether or not your loan application is approved.
What services does uSFS (US Fund Source) Provide through their application assistance?
For A USFS small business consultant will use the information you provide to complete your EIDL loan package. The small business consultant will go over this package with you in detail before submitting it to the SBA. You will receive notification from the SBA directly once your application is in. The confirm number will be provided via email directly.
Can You Get a PPP Loan If You Have Other Loans?
Yes, you can qualify for a PPP loan even if you already have other loans, including other SBA loans. However, if you received an Economic Injury Disaster Loan (EIDL) between January 31, 2020 and April 3, 2020, you will be required to use your PPP loan to refinance your EIDL loan. We believe this is advantageous given the lower interest rate and potential forgiveness of the PPP loan.
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