Important changes on Covid 19-EIDL

As a consequence of the pandemic, many small businesses have been affected negatively. Therefore, the Small Business Administration (SBA) is preparing some changes to its...

As a consequence of the pandemic, many small businesses have been affected negatively. Therefore, the Small Business Administration (SBA) is preparing some changes to its Economic Injury Disaster Loan (EIDL) program. These changes imply that more businesses will be eligible to get funding and there will be more options on how they can spend that loan.

COVID-19 EIDL is a loan to help small businesses and nonprofit organizations to have relief after experiencing loss of revenue due to the pandemic.

Until now, restaurants have benefited from this funding, but the SBA has been working the past few months to increase this loan and more businesses will receive more funding.

LOAN ELIGIBILITY

Dollar, Course, Dollar Rate, Tendency

The first big change to this funding is that now all small business owners and qualified agricultural businesses with 500 or fewer employees in the US are eligible.

Before this new interim rule, specific businesses were eligible to get this funding, but now other businesses like hotels, gyms, travel agencies, among others, can receive help due to a loss in their revenue.

To apply for the loan, it is necessary to fill out and sign Form 4506-T.

LOAN INCREASES

Another change is that the loan limit has been increased. All those businesses who already applied before this change can submit a new request to get an increase.

This change has been implemented because they expect a significant increase in the number of applications, and the SBA wants to offer more help to more businesses.

These new changes will be implemented and will be effective after September 8.

 

 

Post inspired by the following article:

Medici, A. (September 8, 2021) “SBA’s Economic Injury Disaster Loan program to see big changes. Here’s what you need to know.” Cleveland Business Journal [Available here]

 

 

FAQs

HOW DO I START MY TAXES WITH JACOBWISE & CO VIRTUALLY?

STEP 1: GATHER YOUR TAX DOCUMENTS
Sealing or expunging begins with the preparation of a Florida Department of Law Enforcement (FDLE) Application for Certification of Eligibility. The application must be signed in front of a notary.


STEP 2: GO TO START YOUR RETURN

Obtain fingerprints from a law enforcement or other criminal justice agency. The prints must be taken on an approved Florida Department of Law Enforcement fingerprint form.

STEP 3: FILL-OUT SOME BASIC INFORMATION
Obtain fingerprints from a law enforcement or other criminal justice agency. The prints must be taken on an approved Florida Department of Law Enforcement fingerprint form.

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VIRTUAL TAX PREPARATION FAQ
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