Tag Archives: EIDL

Small Business Administration Opens Economic Injury Disaster Loan Applications to Agricultural Businesses

On May 4, 2020, the Small Business Administration (SBA) resumed accepting Economic Injury Disaster Loan (EIDL) applications from eligible “agricultural enterprises” with 500 or fewer employees on a limited basis in order to provide relief to U.S. agricultural businesses. This updates our prior Alert.

To read the full text of this Duane Morris Alert, please visit the firm website.

CARES Act 2.0 Update on Hot Topics – Need Certifications, Forgiveness, Audits, Tax Deductions, Seasonal Business Loan Applications and Nonprofit Hospital Loan Eligibility

The Paycheck Protection Program and Health Care Enhancement Act (CARES Act 2.0) was signed into law on April 24, 2020, providing additional funding for the Small Business Administration’s Paycheck Protection Program (PPP) and Economic Injury Disaster Loans program. Subsequent guidance issued since the passage of CARES Act 2.0, as well as heightened public scrutiny of the PPP loan program, has resulted in further restrictions regarding the types of businesses that are eligible for PPP loans and further scrutiny regarding need for the loans. This has prompted reconsideration on the part of applicants regarding whether to return PPP loan proceeds. In addition, guidance continues to be issued to clarify need certifications, forgiveness and other PPP-related matters.

To read the full text of this Duane Morris Alert, which provides an update on the newest guidance, please visit the firm website.

New COVID-19 Relief Opportunities for the Agricultural Industry

With the enactment of the Paycheck Protection Program and Health Care Enhancement Act (CARES Act 2.0), agricultural businesses and farmers previously excluded from the Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program are now eligible for EIDL grants and loans. Additionally, the U.S. Department of Agriculture’s newly announced Coronavirus Food Assistance Program (CFAP) offers aid to farms and certain livestock producers through direct payments and bulk purchases.

To read the full text of this Alert, which provides a brief overview of these new aid programs for the agricultural industry, please visit the firm website.

Economic Programs Available to Illinois Workers and Businesses in the COVID-19 Crisis

In response to the COVID-19 pandemic, federal, state and local governments, through both legislative and executive means, have enacted or ordered a broad array of financial measures to mitigate the adverse economic effects experienced by businesses and nonprofit entities.

To read the full text of this Duane Morris Alert, which will identify and explain the economic programs established by both the federal government, the state of Illinois and the city of Chicago to help ease the financial effects of COVID-19, please visit the firm website.

Economic Programs Available to Texas Workers and Businesses in the COVID-19 Crisis

In response to the COVID-19 pandemic, federal, state and local governments, through both legislative and executive means, have enacted or ordered a broad array of financial measures to mitigate the adverse economic effects experienced by businesses and nonprofit entities.

To read the full text of this Duane Morris Alert, which will identify and explain the economic programs established by both the federal government and state of Texas to help ease the financial effects of COVID-19, please visit the firm website.

Update – Small Business Administration Simplifies Economic Injury Disaster Loan Application

Note: This is an update to our previous Alert on this subject.

The Small Business Administration’s Economic Injury Disaster Loan (EIDL) program continues to evolve rapidly. The SBA website now shows a simplified EIDL application process with a reduced number of forms that initially need to be submitted.

To read the full text of this Duane Morris Alert, please visit the firm website.

Small Business Administration Offers Economic Injury Disaster Loans

The U.S. Small Business Administration (SBA) is offering low-interest, long-term loans to small businesses in states and territories of up to $2 million each to provide assistance to businesses located in a declared disaster area as a result of the coronavirus (COVID-19) pandemic. These loans are called  “Economic Injury Disaster Loans” or EIDLs. These loans are intended to provide relief from substantial economic injury caused directly by the disaster to fund working capital needs and help small businesses survive until normal operations resume after a disaster.

To read the full text of this Duane Morris Alert, which reviews key “nuts and bolts” aspects of the application process for these loans, please visit the firm website.