Attorney Explains: New SBA EIDL Guidance 9/14/20 (Finally!)

The SBA released new Frequently Asked Questions guidance on the EIDL on 9/8/20. Find out what the guidance says and what it doesn't say in this video!

DISCLAIMER: please note that the information contained in this video is for educational and entertainment purposes only. You should always consult your own attorney and your own financial and tax advisors before making any legal or financial decisions. This video is not intended to and does not create any attorney-client relationship between the content creator and the viewer. The views and opinions expressed in this video belong solely to the creator and do not reflect those of his law firm or any of his business partners.

The complete EIDL playlist:
https://www.youtube.com/playlist?list=PLfDCjb-_0b5YmTKJ0QWdsPTspmbceQvKY

My attorney profile and contact information:
https://www.woh.com/attorneys/79/vitaliy-volpov/

My blog:
http://www.succeedrei.com

My real estate brokerage:
https://www.serenityrealestate518.com/

Facebook pages:
https://www.facebook.com/SucceedREI/
https://www.facebook.com/serenity518/

------------------------

You can download the PDF FAQ from the SBA's website here:

https://www.sba.gov/document/support-faq-covid-19-economic-injury-disaster-loan-eidl

Here are the time stamps for the different topics/questions covered in this video. Click on the time to go to that part of the video:

3:32 - What is the difference between Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP)?

8:53 - Forgiveness of PPP is limited if you received an advance/grant under EIDL.

10:14 - Can you have both an EIDL and a PPP loan?

12:15 - What can I use EIDL funds for?

13:00 - How long should you keep copies of receipts and contracts showing how you used EIDL funds?

13:28 - Who is eligible for Covid-19 EIDL?

14:08 - "Economic injury" is required to be eligible for EIDL.

17:18 - Businesses that are ineligible for EIDL.

17:46 - What if I am not a U.S. citizen but my business meets all of the other criteria for a Covid-19 EIDL?  Eligibility of resident aliens.

18:42 - What is the process to receive an Economic Injury Disaster Loan (EIDL) for Covid-19?

20:38 - What happens if your EIDL application gets declined?  How to request reconsideration?

20:49 - How can I check the status of my application?

23:13 - A loan quote does not mean you have been approved.

23:42 - How to make EIDL loan payments.

24:12 - Do you need to list/disclose all owners of the business to the SBA in order to legally receive and use the EIDL funds?

25:44 - Requesting additional EIDL funds from the SBA?

27:18 - What if I received more money than I have been approved for?  Returning EIDL funds.

29:57 - I have multiple businesses. Can I submit multiple EIDL loan applications?

30:48 - I have been declined for Covid-19 EIDL. What could be the reasons for that decline?

35:34 - Asking for more SBA funds if affected by civil unrest.

36:18 - Qualifying for another SBA loan if the business has not recovered after receiving an EIDL and a PPP loan.

36:50 - Consolidating different SBA loans.

37:16 - Handling repayment of EIDL and PPP if the business has not recovered.

38:51 - Process of applying for other SBA loans.

39:53 - The major area/topic where this SBA EIDL guidance is lacking.

#eidl
#eidlgrant
#eidlguidance

Видео Attorney Explains: New SBA EIDL Guidance 9/14/20 (Finally!) канала Succeed REI