Accepting an EIDL Loan and How Much to Ask For – My EIDL Acceptance Process
Did you apply for the EIDL loan? Have you received an email from the SBA stating your loan was approved? I walk through MY process and experience using the SBA website to request a loan amount. We also talk through some tips on what to think about when choosing the loan amount you want to take for the EIDL.
You should know the EIDL loan IS NOT FORGIVABLE. It must be repaid in the 30 year schedule or earlier. The interest rate is 3.75%. There is collateral required for loans larger than $25,000.
You want to remember that the EIDL is to be used for working capital and NOT intended to purchase long term assets or refinance long term debt. Review the EIDL vs. PPP loan video here: https://youtu.be/Y92Z_zW2bfY
Find Small Business PPP Resources here: http://learn.claracfo.com
To book a time to talk about your PPP Loan go here: https://claracfo.as.me/claritysessions
Find us at: https://claracfo.com/
Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Clara CFO Group, LLC or its members cannot be held liable for any use or misuse of this content.