The Economic Injury Disaster Loan I the second major lending component of the CARES Act that’s aimed at smaller businesses . It’s an expansion of the SBA’s existing disaster loan program. This loan allows borrowers to borrow up to $2 million dollars at an interest rate not to exceed $3.75%. For loans of less than $200,000, the borrower is not required to submit personal guarantees.
even if the application is ultimately denied. Furthermore, the SBA is expected to provide the advance within three days of receipt of a borrower’s application. The EIDL is very fast and easy to apply for. and you can do it right online.Pro tip: Be sure to write down or screenshot the application number that you see on the screen after you complete the application; you won’t receive a confirmation email until your application has been reviewed.
The CARES Act also made a technical correction to the 2017 Tax Cuts and Jobs Act by restoring the treatment of leasehold improvements to commercial property made by landlords or tenants as 15-year property , allowing an immediate write off through bonus depreciation.
The CARESAct is a disaster of it's own. SBAgov is literally on a stand still with millions of applications, I was told by a representative it will be 4 - 8 weeks at least before a loan officer reviews an application. Our economy is on a verge of collapse in less than a month.
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