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1 1 (November 06, 2020)

handle is hein.crs/govdclx0001 and id is 1 raw text is: SConr essional Research Servik SBA EIDL and Emergency EIDL Grants: Data by State Updated November 6, 2020 Congress made COVID-19-related economy injury an eligible expense for the Small Business Administration's (SBA) Economic Injury Disaster Loans (EIDL) in the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 (P.L. 116-123). It also expanded EIDL eligibility for certain businesses and organizations, and it established an Emergency EIDL Grant program as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136). COVID-19-related EIDL and Emergency EIDL grants are available to all 50 states, U.S. territories, and Washington, DC. This Insight provides a general overview of SBA EIDL (including eligibility) and the Emergency EIDL Grant program; SBA EIDL data by the number and amount of loans approved by state; and Emergency EIDL Grant program (also referred to as EIDL advance) data by the number and amount of grants approved by state. EIDL Overview EIDLs provide up to $2 million, with a loan term of up to 30 years that can be used to pay for expenses that could have been met had the disaster not occurred, including working capital needs such as fixed debt and payroll and other operating expenses. COVID-19-related EIDLs have an interest rate of 3.75% for businesses and 2.75% for nonprofits. EIDLs also have an automatic one-year deferment on repayment (the first payment is not due for one full year, although interest does accrue). Because of high demand, the SBA is limiting COVID-19-related EIDLs to $15,000 and, as discussed below, Emergency EIDL grants to $1,000 per employee, up to the statutory cap of $10,000. EIDL Eligibility The CARES Act expanded COVID-19-related EIDL eligibility, through December 31, 2020, to include Congressional Research Service https://crsreports.congress. gov IN11379 CRS NS GHT Prepared for Members and Cornmttees oi Conqres3--------------------------------------------------------------------------------------

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