Here's what you need to know about the Economic Injury Disaster Loan program:
Are there any exceptions to the 500 employee rule?
There are some exceptions. Some notable exceptions include restaurants and hospitality businesses that may qualify if they have 500 or fewer employees per . And, additionally, under the CARES ACT, some industries, including religious organizations, may have a cap based on receipts rather than employee size. You can find out more on Yes.
. In other words, the entire country has now been declared a disaster area. That means that virtually any small business in the United States can consider a loan. The maximum loan amount is $2 million. Loans are based on your “actual economic injury” as determined by the SBA, less any recoveries such as insurance proceeds. If you decide that you need more money, you can, under some circumstances, ask for an increase in the loan amount within the two years following your initial loan approval.
Not necessarily. But the business would be excluded from the program if one of the owners who holds at least 20% of the equity of the company is currently incarcerated, on probation, on parole; subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction; or, has within the last FIVE years, been convicted or pleaded guilty or to a felony, or been placed on pretrial diversion, parole or probation for a felony.
The short answer is no, outside of that advance. But an EIDL loan may be forgiven if it is refinanced under a PPP loan depending on the date the EIDL loan was taken out. Size and use. The EIDL is a loan intended to cover six months of operational expenses. In comparison, the PPP is a loan to primarily help you cover payroll for eight weeks. Also, the EIDL loan application is - allegedly - much more straightforward.
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