Close Menu
On Common Ground News – 24/7 local newsOn Common Ground News – 24/7 local news
    What's Hot

    Gwinnett County residents mobilize to halt proposed crematory funeral home

    October 6, 2025

    Lithonia woman convicted of exploiting disabled adults in “deplorable,” unlicensed care home

    October 6, 2025

    Gwinnett County farm worker sentenced in rape of 13-year-old girl

    October 6, 2025
    Facebook X (Twitter) Instagram
    [Valid RSS]
    On Common Ground News – 24/7 local newsOn Common Ground News – 24/7 local news
    Facebook X (Twitter) Instagram
    On Common Ground News – 24/7 local newsOn Common Ground News – 24/7 local news
    Home»Business»Small business owners still have time to apply for COVID EIDL program

    Small business owners still have time to apply for COVID EIDL program

    0
    By On Common Ground News on November 9, 2021 Business
    Share
    Facebook Twitter LinkedIn Pinterest Email

    By Terri Denison
    SBA Georgia District Office Director

     

    Since the start of the pandemic, the U.S. Small Business Administration has delivered more than $1.1 trillion in COVID-related relief to millions of entrepreneurs. The COVID Economic Injury Disaster Loan program is the remaining SBA relief program open to small business owners who still need assistance. The COVID EIDL program, which runs through Dec. 31, offers 30-year loans with fixed interest rates of 3.75 percent for small businesses, including sole proprietors and independent contractors, and 2.75 percent for nonprofits.

    Many businesses have been able to keep their doors open and retain staff during the most difficult of times with this loan program, and as of Oct. 21, the SBA has made more than 3.83 million EIDL loans for approximately $284 billion.

    SBA recently announced major modifications to the COVID EIDL program that will assist entrepreneurs even more during recovery and well beyond. The program was retooled by increasing the borrowing limit from $500,000 to $2 million, offering 24 months of repayment deferment, and expanding flexibility to allow borrowers to pay down higher-interest business debt.

    Highlights of the Enhanced COVID EIDL Program include:

    • Increased loan cap from $500,000 to $2 Million
    • Expanded use of funds to pay commercial and federal debt
    • Streamlined review processes
    • Deferred payments

    The COVID EIDL loan amount calculation is based on working capital for two years. No collateral is required for loans under $25,000, no personal guaranty is required for loans under $200,000, and there are no prepayment penalties for the program.

    Common Reasons Why an EIDL Application is Declined

    1. Unverifiable Information
    2. Wrong bank account info
    3. Name on checking account and name on application do not match
    4. Incorrect email address
    5. Incorrect EIN
    6. Answered NO in eligibility statements in portal application
    7. Your inputs and 2019 tax return do not match
    8. Failure to respond within 7 days
    9. Unsatisfactory credit history (minimum 570)

    Additionally, some “red flags” to avoid are using the same email for multiple businesses, changing your email after you submitted an application, and not using separate emails for each partner or LLC member of the business.

    The COVID EIDL program is historic in nature because it’s the first SBA disaster relief program open to all entrepreneurs and qualifying entities nationwide. The SBA team has been working around the clock to make the loan review process as user-friendly as possible to ensure every entrepreneur who needs help can get the capital they need to reopen, recover and rebuild.
    COVID EIDL will expire at the end of 2021, however, small business owners should take advantage of the program and apply as soon as possible.

    For more information about COVID EIDL, visit www.sba.gov/eidl or review a list of frequently asked questions at https://www.sba.gov/document/support-faq-regarding-covid-19-eidl. To view a recorded COVID EIDL webinar hosted by the SBA Georgia District click here.

     

     

    Post Views: 4,442
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    On Common Ground News

    Related Posts

    Microsoft’s metro-Atlanta job fair draws over 600, 100+ hired on site

    September 30, 2025

    DeKalb County CEO Cochran-Johnson delivers on promise for $28.9M Candler Crossing project

    September 19, 2025

    MARTA Interim General Manager/CEO Jonathan Hunt announces leadership restructuring

    September 15, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    Latest Post

    Gwinnett County residents mobilize to halt proposed crematory funeral home

    October 6, 2025

    Lithonia woman convicted of exploiting disabled adults in “deplorable,” unlicensed care home

    October 6, 2025

    Subscribe to Updates

    Get the latest news updates from OCGNews.

    RSS On Common Ground News – 24/7 local news
    • Gwinnett County residents mobilize to halt proposed crematory funeral home October 7, 2025
      GWINNETT COUNTY, GA — A community group, the Centerville Highway Corridor, LLC (CHC), is rallying residents across Gwinnett County to oppose a crematory and funeral home along Centerville Highway, citing health risks, heavy traffic and property value decline.   The group is urging residents to attend the Gwinnett Planning Commission’s public hearing on Tuesday, Oct. 9, at 7 […]
    Recent Comments
    • Isaac McNeill on Here’s a look at the aftermath of the tornado that hit Rockdale County.
    • G on DeKalb County: Mother convicted after confronting man who molested her daughter
    • Jo Handy-Sewell on Southwest DeKalb High’s tennis team wins off the court with community service to help feed those in need
    About Us
    About Us

    On Common Ground News is published 24/7 by On Common Ground, Inc (OCGNEWS.COM).
    The news outlet was founded in April, 1995.

    Facebook X (Twitter) YouTube
    Latest Posts
    • Gwinnett County residents mobilize to halt proposed crematory funeral home
    • Lithonia woman convicted of exploiting disabled adults in “deplorable,” unlicensed care home
    • Gwinnett County farm worker sentenced in rape of 13-year-old girl
    • Conyers-Covington Kappa Alpha Psi fraternity to host “Meet the Candidates Night” Oct. 14

    Subscribe to Updates

    Get the latest news updates from OCGNews.

    © 2025 On Common Ground News.

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
    Do not sell my personal information.
    Cookie SettingsAccept
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT
    Manage Cookie Consent
    To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
    Functional Always active
    The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
    Preferences
    The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
    Statistics
    The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
    Marketing
    The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
    Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
    View preferences
    {title} {title} {title}