News Flash

City of Sheridan News Flash

Posted on: June 16, 2020

Economic Injury Disaster Loan (EIDL) Reopened!

EIDL Loan Reopened

On Monday June 15, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19.

The SBA’s Economic Injury Disaster Loan and Loan Advance (EIDL) Program provides small businesses and non-profits with low-interest loans that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing due to COVID-19.

As a part of EIDL, you can access up to a $10,000 loan advance within three days of your application being accepted. This advance will act as a grant and does not need to be repaid. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of the advance will be determined by the number of the small business’ pre-disaster (i.e., as of January 31, 2020) employees. The advance will provide $1,000 per employee up to a maximum of $10,000.

This advance may be used to:
•    Keep employees on payroll
•    Pay for sick leave
•    Meet increased production costs due to supply chain disruptions
•    Pay business obligations, including debts, rent and mortgage payments

How to Apply
Businesses and non-profits can apply now through SBA’s online application portal. You must opt into the loan advance while completing loan application. You will fill out the streamlined advance application first when applying for EIDL. After submitting that application, you will then continue with the more detailed EIDL application.

Facebook Twitter Email

Other News in City of Sheridan News Flash

Mask Update

Mask Update

Posted on: July 9, 2020
Police Chief Position Available

Police Chief Position Available

Posted on: June 17, 2020
COVID-19 Questions Call 211

COVID - 19 Questions Call 2-1-1

Posted on: March 26, 2020
OnwardCO

OnwardCO Site Launched

Posted on: May 13, 2020