As a self-employed American I am eligible for the so-called The Economic Injury Disaster Loan (EIDL) being given as part of the CARES Act. Congress designed this program for smaller businesses (fewer than 500 employees but self-employed workers, contractors, gig economy workers, etc. are eligible too). It’s an expansion of the Small Business Administration’s existing disaster loan programs.
Since I am a one-man operation I am eligible to request an emergency advance of up to $10,000 that does not have to be repaid. Obviously, I can borrow more (up to $25,000 without collateral) and up to $2 million with collateral. For the $10K, though, they will simply check your credit score and will not ask for a tax return.
I applied this loan March 31, 2020 and at the time of this blog post, there has been no update at all even though SBA is supposed to get you the $10,000 in three days. I totally understand how busy they must be and possibly understaffed, so plan accordingly.
I also have no idea about the qualifications, though, they did ask for my total self-employment income for 2019. I will provide another update when I hear anything from them, though, I have opted not to call them. I am told that when they review an application you get an email. Make sure that when you apply, you print or save the confirmation number so that you can give it to the rep if you call to check on the status.
Since I am a one-man operation I am eligible to request an emergency advance of up to $10,000 that does not have to be repaid. Obviously, I can borrow more (up to $25,000 without collateral) and up to $2 million with collateral. For the $10K, though, they will simply check your credit score and will not ask for a tax return.
I applied this loan March 31, 2020 and at the time of this blog post, there has been no update at all even though SBA is supposed to get you the $10,000 in three days. I totally understand how busy they must be and possibly understaffed, so plan accordingly.
I also have no idea about the qualifications, though, they did ask for my total self-employment income for 2019. I will provide another update when I hear anything from them, though, I have opted not to call them. I am told that when they review an application you get an email. Make sure that when you apply, you print or save the confirmation number so that you can give it to the rep if you call to check on the status.