It’s no secret that the COVID outbreak has left small-scale entrepreneurs reeling. Rebuilding your company after an event of natural destruction isn’t easy however, with the aid of COVID restoration loans it’s not an impossible task. This article we’ll review the requirements for getting these loans, and provide strategies for rebuilding your company following this devastating disaster.
The COVID pandemic has caused many problems for businesses across the globe. If your company was damaged by the COVID pandemic, then you could be wondering if there’s any loans for restoration that can aid in the recovery of your business. It’s true! In this blog we will go over the steps to apply for the COVID rehabilitation loan at Oak Park Financial Lending. We will also give you information on how you can make an application for these loans. Keep going!
What are the requirements for COVID rehabilitation loans ?
There are two kinds of COVID loan for restoration that are available through the Small Business Administration (SBA) which are: Economic Injury Disaster Loans (EIDLs) and Paycheck Protection Program (PPP) loans. The two types of EIDL and PPP loans can be submitted online at any nearest SBA district office, or a participating credit union or bank.
To be eligible to be eligible for an EIDL business must have been operating up to the date of February, and must not have at least 500 staff members at any point during that time; meet the other eligibility requirements established by law, including those related to the business owner’s personal finances. They must also demonstrate an economic loss due to COVID-19-related pandemics, such as the loss of revenue resulting solely from of the effects of a disaster.
To be eligible to be eligible for the PPP loan, companies must have been operating up to the date of February, and must not have greater than 500 staff members at any point during the period, and meet the other eligibility requirements set in law, including those related to personal financial situation.
Additionally to that, the SBA has also waived a few of its standard collateral and credit score requirements for both types of loans.
If your company was impacted by COVID-19, you might consider making an application for one of the loans. Remember that the guidelines above are just a general overview. ensure you speak with the SBA representative or banks or credit unions to find out more details about the specific requirements for eligibility.
How do you apply for an COVID rehabilitation loan?
You are able to apply for an COVID rehabilitation loan on the internet via the nearest SBA district office, or through a participating credit union or bank. The SBA has lowered some of its standard collateral and credit score requirements, making it easier than ever before to apply for any of the loans.
Be aware that the guidelines above are only a general overview. ensure you speak with your SBA representative or bank or credit union to get more details on the specific requirements for eligibility. If you’ve been affected by COVID-19 don’t put off applying begin the application process now!