We trust that everyone is safe and well.
Today’s discussion is on the Economic Disaster Relief Loan (EDRL) Program, which is a long-standing program offered directly by the SBA for businesses located in Federally Designated Disaster Areas.
A key additional element added by the CARES Act is a $10,000 grant available to all applicants, regardless of eligibility for additional funding. This can be a valuable (and quick) infusion of needed working capital at a time when funds are tight.
So, even if you don’t think you will need a disaster loan (EDRL), it is important that you apply.
The simple 3-page application can be found by clicking here. You will be asked to provide some basic information about your company and 2 pieces of financial information:
Gross receipts for the 12 months from 2/1/19 to 1/31/20
Cost of Goods sold for the 12 months from 2/1/19 to 1/31/20
You also must check the box requesting a grant of $10,000.
Simply by submitting the completed application, you will receive the $10,000 grant, even if you are denied the loan. If you are accepted for a loan, later you can decline. If you do decide to move forward with an EDRL, you may want to contact our office to determine if this is a good fit for you.