By the COVID-19 pandemic, small companies have been severely impacted. The government established the Economic Injury Disaster Loan (EIDL) program, which includes an advance that is not need to be returned, to assist people in coping with the financial damage. The targeted EIDL advance was established in 2021 to give small companies in low-income areas that were most severely affected by the pandemic more support. So, is there still a goal EIDL advance available?
Both yes and no, is the answer. The projected EIDL advance application window closed on July 5, 2021. However, the Small Business Administration (SBA) is no longer accepting applications because the program’s funding ran out prior to the deadline. You might still be qualified to receive the advance if you applied prior to the expiration of the funds. Even if you missed the deadline, you can still be qualified for a standard EIDL loan.
Payroll, rent or mortgage payments, utilities, and other running costs are just a few of the business expenses that sole entrepreneurs can cover with EIDL money. Additionally, the money can be used to settle debt accrued as a result of the outbreak. The money cannot be used to hire more staff or buy more machinery though.
There are various possibilities accessible in 2021 if you’re looking for free money. For 2021, the kid Tax Credit has been increased, allowing qualified families to receive up to $3,600 per kid. Additionally, the Earned Income Tax Credit has been increased, allowing qualified families with three or more children to get a return of up to $6,728.
There are various possibilities if you need money straight away. You might apply for a personal loan to get the money you require to pay your expenses. Consider selling any surplus goods on online markets like eBay or Facebook Marketplace, such as apparel or electronics.
There are various organizations that can help if you urgently need financial aid. Grants and loans are among the small business resources listed by the SBA. Financial support can also be available from nonprofits like Catholic Charities and the Salvation Army.
In conclusion, even though the targeted EIDL advance is no longer offered, those in need of financial support for small firms and individuals still have possibilities. It’s crucial to consider every alternative and, if necessary, to seek assistance.