Watch Out For These Ineligible Uses of the EIDL Loan Funds!
The EIDL (Economic Injury Disaster Loan) is to provide financial assistance to small businesses or private non-profit org. that suffered economic injury, which in this case was the coronavirus (COVID-19) pandemic. Although many who have applied to the EIDL are not aware of what the loan shouldn't be utilized for.
In the previous months, many business owners have had to survive through SBA funding including the Paycheck Protection Program and the Economic Injury Disaster Advance. Business owners are also able to overcome cash flow challenges by applying to the EIDL loan, traditionally termed at 3.75% for 30 years. The downside of the EIDL funding is that many are not aware that there is limitation/restriction on how the loan should be utilized for. We’re going to cover all of them in this video to make sure you can avoid the ineligible use of funds for the EIDL.
If you need help and have questions please contact us at (832) 295-3353, or you can also set up an appointment with us today at https://xqcpa-bookme.acuityscheduling.com/schedule.php.