Financial Relief for Wisconsin & Chicago, IL Businesses
If your business has been affected by a crisis like the COVID-19 pandemic, reducing your customers or diminishing your profits, relief is within reach with help from %%sitename%%. We can help you navigate the process to apply for the SBA Disaster Assistance loan in Chicago, IL and Wisconsin. Our company’s goal is to ensure clients have the resources and information they need to keep their doors open and retain their staff. In hard times like the pandemic, issues can arise that take away a significant part of their livelihood. This loan provides much-needed funds to various types of small business owners. These business owners include sole proprietors, independent contractors, s corps, and most non-profit organizations, all of which are eligible for the SBA EIDL loan.
What Is the SBA Disaster Assistance Loan?
The COVID-19 EIDL loan is a 30-year loan with a 3.75% fixed interest rate, or 2.75% for non-profit organizations. It includes monthly payments, and the loan does not require you to make your first payment for 18 months after you receive funding. Business owners who received their EIDL in 2020 do not have their first payment due until 24 months after funding. Starting on April 8, 2021, the COVID-19 EIDL loan amount was increased from its maximum of $150,000 to $500,000.
How to Apply for a Loan Amount Increase
If you got an EIDL loan before April 8, you are welcome to request a loan amount increase by sending an email to the SBA at CovidEIDLRequests@sba.gov. For the subject line, write “EIDL Increase Request for” and follow it with your ten-digit EIDL application number. In the body of your email, make sure you include identifying information for your current loan, including your application number, loan number, business name, business address, business owner(s) names, and your company’s phone number.
Details About the COVID-19 EIDL Loan
The COVID-19 EIDL is a separate financial resource from the EIDL grant the SBA rolled out in Spring 2020. This loan was created specifically to help business owners to endure the pandemic’s financial hardships. You can apply for the COVID-19 EIDL loan and the PPP loan if you are a business owner. The SBA continues to take a security interest in a business’s assets for loan amounts exceeding $25,000, evidenced by UCC filing and a general security agreement. They also require individuals with 20% or higher ownership stakes to provide an unsecured guarantee if the loan amount is over $200,000.
Springboard Funding Partners Has You Covered
Springboard Funding Partners has in-depth expertise in financial resources like the COVID-19 EIDL loan, and we are ready to help you find relief from the pandemic. We have over three decades of experience working for you.