CLARKSBURG, W.Va. — The Small Business Administration gave insight into its Economic Disaster Injury Loan programs during an open call Wednesday with multiple press agencies.
During the call, officials with the SBA spoke about multiple programs open to small businesses and nonprofit organizations.
Of those programs, Economic Injury Disaster Loans are being offered. They can be used for payroll and other normal expenses, including bills, regular land payments and rent, according to SBA officials.
The maximum loan allowed per business will be based off multiple criteria, but no organization may receive a loan of more than $500,000. Businesses already approved in 2020 for EIDL loans have a 24-month deferment period from receiving the loan to begin payments, and those received in 2021 will have an 18-month deferment, SBA officials said.
Also as a part of the EIDL program, two grants that do not require a repayment period are being offered, those being the Targeted EIDL Advance Program and the Supplemental EIDL Advance Program, according to the SBA.
In order for an organization to be considered for these grants, it must complete an EIDL application and fall under different qualifications. A mapping tool is available on the SBA’s website to assist businesses in understanding if their area is considered a low income area for grant purposes, SBA officials said.
Grants can be accepted without accepting a loan, and organizations that have been declined for an EIDL loan may still receive a targeted and/or supplemental EIDL advance grant, according to the SBA.
As of the press call, only $550 million of the EIDL supplemental grant’s $5 billion funding has been used. Of the targeted EIDL grant’s $30 billion total available funds, only $1.5 billion has been given out, SBA officials said.
For a full breakdown of the rules and restrictions of these new EIDL programs, visit the SBA’s website or contact the West Virginia office of the SBA at 304-623-5631.