EIDL Loan Program New, Major Changes

If you work with business clients, you probably have quite a few of them that either already took advantage of that Economic Injury Disaster Loan (EIDL) program, and/or wouldn’t mind having some additional cash on hand right now, yes?

If yes, please be advised of a few MAJOR new EIDL program updates, as follows:

  • New $2 million maximum loan size (WAY higher than the previous limits).  Clients who received an EIDL under the old limits can apply for loan increases within the EIDL Portal on SBA website, link here.
  • New flexibility on how you can use the loan proceeds.  Most notably, you can now use the loan to pay other business debts (previously, had to “certify” that you would use funds for operating expenses and not pay down debt).

While I ALWAYS stay out of “recommending” that anyone take out a loan, business clients seeking low cost access to capital absolutely should be evaluating the EIDL option in light of the new and highly favorable changes.

Who knows, maybe this option could even help you, in your business(es)?

These are 3.75% rate, fixed rate, no fees (if you apply direct through SBA), 30 year repayment term, and no personal guarantee if loan amount $200,000 or less — far better terms than any other business loan I’ve ever seen…

Certainly seems better than paying 25% interest on a business credit card!

If you like updates like this one that make it seem like we care about helping your clients almost as much as you care about helping your clients, we’ve got plenty more where this comes in our Pronto Tax School Update & Refresher courses.   

We have update / refresher packages available for all major credentials, so that you can choose the package that applies to your credential:

Please remember that if you are a Forever Edition Member of any of the courses (meaning you have an annual membership), you do not need to buy ANYTHING, you should already have the courses inside your Pronto Tax School account.

Only one more major tax deadline of the year, October 15.

We’re almost there!