Julio: So for right now, anyone that’s interested in applying that owns a business and has not applied, they have now literally a short window of time to apply because of the hard date of December 31st.
There are loans with 3.75% fixed interest, 2.75% if you’re a nonprofit and there are 30 year maturity. So first question is there still money available for these loans for businesses that still need to apply?
Julio: Yes, there is money that was allocated through amendments under the CARES Act. So there is a funding right now available through the end of December 31st. After December 31st funding or no funding, it ends.
S., the entire country has been declared a disaster zone, they would still likely be eligible for an EIDL loan, an Economic Injury Disaster Loan
Gene: Got it. If you’re a business that’s applying, you’re applying directly through the SBA for this, not through a lender. That’s my understanding. But also, what are the requirements? How is the business eligible still for these loans? Do they just have to be in the disaster area or do they literally have to prove that they were affected by COVID?
Julio: What’s interesting is that COVID, the same day payday loans Barberton way the declaration was endments since March, it allows any small business in the contiguous United States, including Puerto Rico, Virgin Islands, Guam to apply into the program. What they have to do is basically provide that they were in operation as a business back in . For instance, if you’re a new company that just started a month ago, you would not be able to apply because the disasters, the way declarations are declared is you were impacted on the date of the , but there was back dated to the beginning of COVID, which was tracked to .
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