Finding your current balance and figuring out when, how, and who to pay for your SBA EIDL program loan can be a real pain. In this video, I break down the steps for you.
👉 👉 SBA EIDL Payment Portal on Pay.gov https://www.pay.gov/public/home 👈 👈
👉 👉 SBA EIDL Check Your Balance with Capital Access Finance System https://caweb.sba.gov/cls/dsp_login.cfm 👈 👈
The SBA EIDL program loan is an amazing opportunity for small businesses to get the funding they need to keep their business afloat during these tough times. This loan can provide up to $2 million in working capital, which can be used to pay expenses like payroll, rent, and utilities. Best of all, the interest rate on this loan is just 3.75%, and there are no payments required for the first 12 months. This makes it an incredibly affordable option for small businesses that need a little extra help right now. Don't hesitate to apply today if you think your business might benefit from an SBA EIDL program loan. It could be your business's lifeline to make it through these tough times.
On May 6, the SBA officially shut down the Covid-19 EIDL program after it ran out of money. This means that new applications are no longer being accepted. As of the most recent report from the SBA, almost four million loans were approved, totaling over $393 billion. Not surprisingly, California, Florida, New York, and Texas received the most funding from this program.
The SBA also stated that the Covid-19 EIDL Portal would shut down on May 16. As a result, any small business that took out a Covid-19 EIDL loan should download its paperwork from the portal before May 16. There's information about whether you'll be audited if you received EIDL money and are wondering whether to wait.
So what happens now? The government has placed a lien against your business if you have an EIDL loan worth more than $25,000. It's common to anticipate this happening; however, it's vital to be aware that the lien can cause problems down the road if you get another loan, want to sell your business, or buy out a partner.
What worries me is that the SBA lacks the resources or clear instructions to address concerns when they arise. So, while assistance for small businesses has come to a halt, borrowers will continue to have to stay informed by listening to and watching new and changing data. I'm not sure if these systems and guidelines will be implemented swiftly. The term EIDL will probably be in our lexicon for a long time.
What business owners received the funds and how they plan to use them are both important questions. Obviously, there are restrictions on what companies can spend the money on "working capital and other normal operating expenses" however, I want to know if business owners will actually use allocated funds correctly. From speaking with many entrepreneurs who have accessed these stimulus funds, I discovered that most of them didn't need the money to stay afloat. The extra cash is now sitting in their accounts without a specific goal.
Our beliefs on the Covid-19 EIDL program may change as we learn more, but right now, I feel strongly that it wasn't meant for pandemic relief. The implementation has been disastrous because it was never intended to be used on such a large scale.
The SBA's traditional small-business assistance programs (7(a), 504, and EIDL) are fantastic resources for small company owners to tap into. I don't want small company owners or entrepreneurs to leave this encounter thinking, "I'll never go through the SBA again." These initiatives are more comprehensive than you've previously encountered with the pandemic. Sit down with a reliable adviser or Small Business Development Center to discover how they may best assist you.
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Steven creates video interviews with interesting people with extraordinary stories from various walks of life, sharing their successes and failures.
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