|We have been alerted by an email from the Kreshmore Group, an advisory firm in Illinois, about a new programs called the "COVID-19 Federal Disaster Loans for Small Businesses and Nonprofits |
According to the email from Kreshmore:
On 3/19/2020, the SBA issued an administrative declaration that Economic Injury Disaster Loans (EIDLs) are available for small businesses and private nonprofits due to the Coronavirus (COVID-19) pandemic. Highlights of this economic relief program include:
● Up to $2,000,000 in relief assistance for qualified applicants*
● Interest rate is 3.75% for small businesses and agricultural cooperatives
● Interest rate is 2.75% for nonprofits
● Up to 30-year repayment terms
● Incident application period is through 12/17/2020
*Certain restrictions and conditions appply
Some pertinent links associated with this SBA Disaster Loan program include:
Application website → SBA Disaster Loan Assistance
SBA loan form → SBA Disaster Loan Form
Pertinent loan links: → Tax Information Authorization (IRS Form 4506T). → Personal Financial Statement (SBA Form 413). → Schedule of Liabilities (SBA Form 2202).
FDIC FAQs (FDIC FAQs).
Further information from Kreshmore about this program can be obtained from Ian Cumberland (847) 275-4065 or Tom Varga (630) 667-5730