Hello, Main Street Hartsville Friends & Partners,
We are making it our priority to learn as much as we can about what relief is available right now.
The Small Business Association’s Economic Injury Disaster Loan (EIDL) program is available and requires the completion of two forms and more information and these fillable PDF forms can be found on SBA.gov.
You don’t have to click on the first “circle,” we did that for you: Darlington County qualifies and our Eligible Disaster Area # is: Disaster #: SC-00067
- Some key information from SBA’s Webinar this morning about Economic Injury Disaster Loan (EIDL) loans are as follows:
- Can be used to pay monthly debts, payroll, accounts payable, credit card monthly payments
- 7-year term with first-year deferred
- Loans up to $25,000 do not require collateral. Loans over this amount can take the last position on a collateralized loan obligation
- This loan cannot be used to pay off debt, i.e., pay off a credit card. It can pay the monthly payments on one.
- It is the intent of some of the SBA loan programs in the “Coronavirus Aid, Relief, and Economic Security” Act, aka the “CARES Act” to allow the payoff of the EIDL loan, but this is still in Legislation and SBA does not know exactly yet what will be allowed.
- The EIDL loan cannot be used to refinance debt.
SBA’s website is currently changing to accommodate all of the changes that they are anticipating. Savannah Wilburn, the Public Information Officer from our South Carolina SBA office, said to keep checking the SBA website. Hopefully, by Monday afternoon, the CARES Act will be finalized. There will be future webinars once they know exactly what in the CARES Act was approved by Legislation, and we will pass that information on to you!
For more information on the CARES Act at congress.gov.
As always, please feel free to contact me or Shannon Munoz with any questions, and if we cannot help directly, we can put you in touch with resources that can.
Sending sincerest love & virtual hugs,
Main Street Hartsville