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.

COVID-19 relief

Don’t let Coronavirus stop your business. Get back on track today with US Fund Source’s EIDL Assistance.
  1. *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 individual 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 info@usfundsource.com
  2. **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.

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

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Economic Injury Disaster Loan (EIDL)

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.

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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.
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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.
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what is the interest rate?

Interest rates are fixed at 3.75% for small businesses and 2.75% for non-profits.

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Are SBA PPP Loans the Same as Disaster Loans?

PPP loans differ from Economic Injury and Disaster Loans (EIDLs). PPP loans are available to all US businesses based on the requirements above.

EIDLs are also available for small businesses in designated areas (right now that’s classified as all US states and territories) that have suffered an economic hit because of the COVID-19 pandemic, though the requirements are more stringent. Unlike PPPs, EIDLs/disaster loans must be repaid in full.
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what is the repayment term?

Terms are available for up to 30 years.

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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.
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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. 

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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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