In this newsletter, you can learn more about:
Did you know that an EIDL has a lower interest rate than most credit cards?
An EIDL helps businesses meet financial obligations and operating expenses that could have been met had the disaster not occurred. The terms are for 30 years at a 3.75% fixed interest rate for businesses and 2.75% fixed interest rate for nonprofits. The deadline to apply is Dec. 31, 2021.
COVID-19 EIDLs can be modified by increasing the amount up to 24 months of economic injury or a maximum of $500,000, whichever is less.
Steps to request an increase:
- Log into your SBA loan portal account at: https://covid19relief1.sba.gov/
- Click on the button that reads "Request More Funds"
- Disclose any changes to the business since the original EIDL application was submitted
- Identify the form used for your most recent tax return (ex. Form 1040 Schedule C)
- Use the slide bar to select a new (increased) loan amount
- Electronically sign an IRS Form 4506-T, which allows SBA to obtain tax transcripts directly from the IRS
- Submit the request for processing
- Monitor your email for correspondence regarding your request
The SBA Disaster Customer Service Center is available to provide assistance seven days a week from 5 a.m. to 5 p.m. PDT by phone at 1-800-659-2955 (TTY/TDD: 1-800-877-8339) or email at disastercustomerservice@sba.gov.
Additional resources for information:
- Read the Frequently Asked Questions about the EIDL program
- Connect with a SBA resource partner for one-on-one assistance with technical questions related to your relief application(s).
The SBA & Public Private Strategies Institute (PPSI) are providing a webinar on Thursday, July 15 at 11 a.m. for you to learn more about programs that will help your business get back on track.
Friday, July 9
10 a.m. | Updates to PPP Loan Forgiveness Instructions
Monday, July 12
10:30 a.m. | Creating a Quick Business Plan in Three Hours
Tuesday, July 13
8 a.m. | Idaho Tax and Business Basics for Self-Employed
8:30 a.m. | Grow with a Pro (Accounting Professional) *
10 a.m. | Employer Incentive Programs: How to Apply for Reimbursement
10:30 a.m. | Profit Soup (2-day series)
2 p.m. | Employer Guide to Workers' Rights
5:30 p.m. | Business Planning: Launch & Grow (4 part series)
Wednesday, July 14
10:30 a.m. | Understanding the Changes in Agricultural Overtime Laws
2 p.m. | Small Business Requirements and Resources - Grow Your Business in WA
2 p.m. | Isolated Worker Protections
Thursday, July 15
8 a.m. | Launching an eCommerce Store
11 a.m. | Learn from an Expert How to Pivot and Successfully Re-Emerge Your Business During COVID
1 p.m. | Tax Essentials for New and Existing Business Owners
1 p.m. | Coaching for Entrepreneurs: Building an Effective Website Live Build
2 p.m. | Overtime Exemptions Training
Friday, July 16
10 a.m. | Small Business Flex Fund Webinar
Tuesday, July 20
8:30 a.m. | Grow with a Pro (Insurance Professional) *
10:30 a.m. | Creating a Career & Life Portfolio
Wednesday, July 21
12 p.m. | Idaho Tax and Business Basics for Small Business
2 p.m. | Get Started
Thursday, July 22
8 a.m. | Combating the Labor Shortage
9 a.m. | QuickBooks Online Basics You Need to Know *
10 a.m. | Small Business: Understanding Tax Credits
11 a.m. | How to Write a Business Plan
11:30 a.m. | Business Expert Session: Getting Loan Ready - Business Loan Basics
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