The Small Business Administration (SBA) created the Economic Injury Disaster Loan (EIDL) program in response to the economic catastrophe brought on by the pandemic. The EIDL program provides low-interest loans to agricultural enterprises, non-profits, and small businesses who have significantly incurred economic harm as a result of the pandemic. Eligible applicants may also be eligible for an EIDL award, which offers up to $10,000 in emergency money. But is the EIDL loan still offered? Yes, however there are certain restrictions.
Applications for EIDL loans are still being accepted by the SBA as of July 2021. However, the government has changed the loan conditions and program eligibility requirements. Only firms situated in low-income areas are currently qualified for the entire $500,000 loan amount. Loan requests from other companies up to $150,000 are accepted. The SBA has also lowered the interest rate from 3.75% to 2.75% and extended the loan period from six to thirty years. On loans up to $200,000, the government has also abolished the demand for personal guarantees.
The stipend, which does not require repayment, is among the EIDL program’s most alluring features. The award amount, which was originally $10,000, has been decreased to $1,000 per employee with a $10,000 cap per business. The SBA has also made it clear that the grant is regarded as taxable income and needs to be disclosed on the recipient’s tax return. The grant can be forgiven and is not required to be repaid if it is used for eligible costs like payroll, rent, and utilities. What is the Freedom of Choice Grant in Indiana?
The state-funded Indiana Freedom of Choice Grant offers financial support to qualified families who choose to send their children to private schools or homeschool them. Depending on the family’s income and the number of registered children, a different grant amount may be given. The program aims to give families more freedom and choice in terms of their educational options. The Indiana State Assistance Grant is what, exactly?
Those qualified Indiana residents who are pursuing postsecondary education can get financial aid through the need-based Indiana State Assistance Grant. The grant amount varies according to the financial need of the student and the cost of attendance at the school of their choice. The program aims to increase Indiana students’ access to and affordability of higher education.
A federal need-based program called the Pell Grant offers financial aid to qualified students seeking higher education. For the academic year 2021–2022, the top Pell Grant award is $6,495. The student’s financial need, the cost of attending their preferred college, and their enrollment status (full- or part-time) all play a role in determining the actual grant amount. The Pell Grant is not required to be repaid because it is regarded as a grant rather than a debt.
Finally, the EIDL loan scheme is still offered, albeit with significant changes. If utilized for eligible expenses, the EIDL award does not need to be repaid and is treated as taxable income. Families and students who qualify can receive financial aid through the Indiana Freedom of Choice Grant and Indiana State Assistance Grant to pursue their education. For the academic year 2021–2022, the top Pell Grant award is $6,495.