EIDL Loans Available Again! | USTaxAid

Diane Kennedy's Blog

EIDL Loans Available Again!

Written by Diane Kennedy, CPA on June 21, 2020

The Economic Injury Disaster Loan (EIDL) was one of the more popular CoronaTax programs because it promised Free Money! and it was available for real estate investors. The fact that it was available for real estate investors was something that had never happened before.  


But then it turned out the free money ($10,000) advance/grant was not quite all that. Congress promised it, but the SBA changed it to just $1,000 per employee. This was money you didn’t have to pay back. 

But the rest of the EIDL was still a pretty good deal. The loan amount, determined by an SBA loan officer, would be based on your credit worthiness, the ability of the company to repay and how much need there was. They’d make an offer, you could take that amount or less as a loan. Payments started a year later and were based on 30 years, fully amortized, and a fixed 3.75% interest rate. 

Still a great deal! But then the SBA shut off the EIDL. And this past week, they started taking applications again. 

If you have a PPP loan, make sure you know the rules for working with both a PPP and EIDL

Do you know all the benefits of ‘CoronaTax Free Money! New Opportunities! ? There may be more to this than you know. When you buy the first edition, you will be able to own subsequent editions at a fraction of the cost AND get valuable updated strategies.  https://www.ustaxaid.com/shop/coronatax/

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