EIDL Program - Repayable Loan

Economic Injury Disaster Loan (EIDL) - Maximum Loan Amount Now $500,000

• $15 billion additional for Targeted Economic Injury Disaster Loan Advance (EIDL) payments, including NEW $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit.

Purpose: To meet financial obligations and operating expenses that could have been met had the disaster not occurred.

Terms

• 3.75% for businesses (fixed)
• 2.75% for nonprofits (fixed)
• 30 years
• No pre-payment penalty or fees

Use of Proceeds: Working capital and normal operating expenses. Example: Continuation of health care benefits, rent, utilities, fixed debt payments.

Collateral Requirements

• Required for loans over $25,000
• SBA uses a general security agreement (UCC) designating business assets as collateral, e.g. machinery and equipment, furniture and fixtures, etc.

Forgivable: No

Maturity: 30 years

Payments: Deferred 1 year; interest still accrues. Borrowers may make payments earlier if they choose to do so.

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Stay Informed

Stay Informed about COVID-19 with Official Information from Manatee County:

• Manatee County’s coronavirus webpage will keep you updated with official information for Manatee County.
• Text ManateeReady to 888-777 to opt in and receive important updates from Manatee County officials.
• Follow Manatee County’s posts on social media.

Providing resources and support to Manatee County’s local businesses and workforce is a top priority for the Redevelopment and Economic Opportunity Department (REO). Along with our business partners, state and federal organizations, and chambers of commerce, more than ever we want to provide information that will assist businesses and employees in making a full recovery during these challenging times of the COVID-19 pandemic.