EIDL. Its called a single audit because thats all thats being audited the money you got, and how you spent it. Last year the SBA created two separate loan programs to assist business owners during the COVID-19 pandemic. The entity is located in a low-income community. Holland & Knight has found that it is currently taking the SBA more than 60 days to conduct its fraud investigations, and it will . A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. I take 50% of income as salary and remaining money as dividend distribution to Owner(my self) One option that may be available to you is the SBAs Hardship Accommodation Plan. The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. Further, EIDL loan proceeds cannot be spent on any expenses that were already funded and paid for by PPP loan proceeds or medical practice relief loan payments, and must be spent only on the following: Further, SBA presentations and a Standard Operating Procedure document from 2018 provide the following to enumerate the ineligible uses of EIDL loan money: 2. As of July 8, the date of its latest report, the SBA had approved 3.8 million EIDL loans for a total of $217.2 billion. However, there have been recent discussions regarding the requirement to have a Single Audit performed if you receive federal funding as part of the EIDL or PPP, which would post a significant burden to many recipients. Original EIDL Advance provided $1,000 per employee up to a maximum of $10,000 . 19 EIDL applications; SBA received only 32,000 business and nonprofit loan applications, some of which contained an EIDL component, and almost 8,000 EIDL applications for Hurricanes Harvey, Irma, and Maria. SBA's oversight of loan applications will be unprecedently stretched as a result of the increased loan volume and expedited timeframes. Requirements: Credit score 600+, $250,000 per year revenue, 6 months in business, Find Loan Options For Your Small Business. We are glad to hear that the SBA has been busy notifying loan applications that their Economic Injury Relief and Disaster Loan (EIDL) has been approved. Economic Injury Disaster Loans | GovLoans

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