Thousands of small businesses in the US will benefit from the Economic Injury Disaster Loan (EIDL). The Small Business Administration (SBA) has passed loans worth $115 billion to provide financial support. The government has introduced this loan program to help businesses recover from the COVID-19’s aftereffects. The Big News Network reports that eligible companies can apply for loans up to $2 million. The dormant companies can also receive funds for reactivation. The beneficiaries need to check the parameters and apply for the funds before the deadline.
Government has sanctioned huge funds
Big News Network quoted Marty Stewart, Chief Strategy Officer of Disaster Loan Advisors; she said, “After doing some deep-dive research, we’ve estimated there may be as much as $115 billion in COVID-related SBA EIDL funds still available as of late February. This is only an estimate based on data we’ve uncovered; this coincides with the research our DLA Strategic Advisory Team just completed based on available SBA and other government data as of February 24th. I would say an estimated $115 billion is plenty of money still available if that figure is correct.” The DLA team helps business owners with the loan program and enables efficient sanction of funds.
The loan program will boost the small companies
The concerned government authorities said that the loan program is massive and will support the businesses in the future. The businesses will benefit a lot from the government’s strategy. Several government bodies are involved in ensuring efficient transfer of funds to the businesses. The loan program welcomes first-time applicants and companies with no funding before. The reports say the authorities have varied the loan amount several times. The business can utilize the funds to pay off the commercial debts.
“The first option is to do a loan modification or increase request; this typically needs to be done manually and in letter form. Sending a few paragraph email is not going to cut it. If you want to maximize your chances of success, and for the most money your business qualifies for, you need to do this very strategically and with expert help,” added Stewart.