Yes. Your EIDL loan is not forgivable and borrowers are expected to pay back the loans according to the SBA’s repayment terms. Truth be told, this can be quite perplexing, especially with all the numerous COVID-19 relief programs out there. If your business obtained any sort of EIDL loan, you will need to comply with…
To be honest, the time it takes to process your EIDL application can differ significantly depending on application quantity, from a few days to a few weeks—but fresh applications are frequently handled within 21 days. If your loan is endorsed, the SBA will expedite loan disbursement; the loan can arrive in your bank account in…
When the outbreak of the COVID-19 pandemic was at its peak, the United States Government introduced some measures that will help businesses stay afloat, and one of these measures is the SBA’s Economic Injury Disaster Loans program. Entrepreneurs and businesses that received funds through this program were given low-interest loans that can be used to…
If a business closes voluntarily or due to circumstances beyond its control, the loan is still considered a liability and must be repaid. The SBA will work with the business owner to determine the best course of action, which may include a loan modification, a loan forgiveness program, or a loan discharge. The Small Business…
