Coronavirus (COVID-19) Resource Center > EIDL > EIDL FAQs

 

Today we will highlight questions that customers have asked us regarding the Economic Injury Disaster Loan (EILD) program. This afternoon we will send information regarding the PPP.

What Can I use the EIDL Money for?

EIDL and the $10,000 advance can be used for any qualified business expense. Fuel, lease payments, tolls and even payroll. If you applied for EIDL and PPP and used the EIDL funds for payroll, you may be excluded from having some of your PPP money forgiven.

I applied for an EIDL but haven’t heard anything or received anything?

  • If you applied for the EIDL after 3/27, you likely applied on the webform and clicked a box to get the $10,000 advance. That advance has been delayed up to 3 weeks and will be limited by the number of employees you have, $1,000 per employee.
  • You can call the SBA (1-800-659-2955) to check the status of your application, your application number starts with 33. If you didn’t write it down, it will show in the memo of your bank statement line once you receive your advance.
  • Another way to see if your EIDL grant is being processed is to check and see if your credit has been run since you applied.  The SBA will run a credit inquiry on any applicant

Why did I get less than $10,000 as part of my advance?

Due to the high demand the SBA changed the advance to be a maximum of $10,000 per company. Companies will receive $1,000 per employee with a maximum of $10,000. The money does not have to go towards payroll.

What happens after I get the EIDL grant money?

About 3-7 days after receiving the grant money, the SBA will send you a link to complete the EIDL process, that money can be used to pay any business expense (lease payment, insurance, rent, parking, etc). If you also applied for the PPP you have to be careful on using the EIDL money for payroll.

You should have your most recent tax returns along with payroll tax reports (form 941). The SBA might require additional information which they will instruct in the portal.

I have more questions, who can I speak with?

The SBA hotline is a great resource – 1-800-659-2955.

A few customers who have gotten through with limited wait time. Have your application number, but they should be able to help you with just you EIN and other basic information.

We are also here to help, don’t hesitate to call the office or send us an email with any questions.

Is it too late to apply for an EIDL?

Currently the funds for EIDL have run out and the SBA website won’t let you apply, however Congress is in the process of adding an additional $50 billion to the fund, so there should be an opportunity to apply shortly.

We recommend checking the SBA website regularly to see when they open it back up – https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

It is important to consult with your accountant or lawyer regarding these programs. We are neither advocating for or against these programs, but wanted to make our customer base aware of any changes and continue to be a resource.