Join NCBA CLUSA and the U.S. Small Business Administration (SBA) on Thursday, December 16 at 4 pm EST for a refresher on the Economic Injury Disaster Loan (EIDL) before the application period ends. Cooperatives have until December 31, 2021 to apply for a new EIDL loan or submit a loan modification.
All cooperatives are eligible for the EIDL program, and funds may be used for working capital including payroll and other business expenses including utilities and rent or mortgage payments. EIDL may also be used to pay existing debts. In September, SBA announced several changes to the program, including increasing the cap from $500,000 to $2 million. Other changes to the program from this announcement are available here.
During this webinar, you’ll hear from Nicola Montagna, Special Advisor for SBA’s Office of Capital Access and get up-to-speed on the EIDL program, the Targeted EIDL Advance and the Supplemental Targeted EIDL Advance. SBA will also provide information about how COVID EIDL funds can be used to address supply chain challenges, and there will be an opportunity to ask questions.