Good morning members,
I have attached the guidelines for both the Economic Injury Disaster Loan (EIDL) program as well as the Corona Aid, Relief, and Economic Security Act (CARES). Under the CARES Act, businesses may be eligible for a $10,000 advance on the EIDL, which does not need to be paid back.
All of the information being shared with you is now being condensed in to 1 page on our website and will be updated daily with any new information that is relevant to our business community. https://www.portclintonchamber.com/chamber-blog
If your business can offer help to other members at this time, please email me and let me know how and what services you are offering . This information will be added to the Blog/News page on our website.
Economic Injury Disaster Loan (EIDL) Program
Ohio has been declared a disaster state, therefore making Ohio businesses and non-profits statewide eligible to apply for Economic Injury Disaster Loan (EIDL) assistance through the Small Business Administration (SBA). Please understand that these will be loans, requiring repayment. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact.
These loans are only intended as working capital loans utilized to assist with impact caused by the coronavirus emergency efforts. The EIDL’s are not for other purposes such as expansion, new equipment, property purchase, etc. that do not have anything to do with the national emergency we are facing.
Coronavirus Aid, Relief, and Economic Security
The Coronavirus Aid, Relief, and Economic Security (CARES) Act has been signed into law. This Act provides additional assistance for small business owners, including the opportunity to receive up to a $10,000 Advance (which does not have to be repaid) on the Economic Injury Disaster Loan (EIDL) for emergency capital. The Small Business Administration (SBA) is updating its system to implement this provision so small businesses can request an EIDL advance when they apply for the loan. This update will be available in the coming days.
In the interim period, you can still apply for a full Economic Injury Disaster Loan (EIDL), but will need to reapply for the Advance when the system is updated with a streamlined application. Once updated, the Advance will be included in your EIDL application process.