Many clients have experienced challenges with the Economic Injury Disaster Loan (EIDL) Application process. Because of these challenges, late  the SBA has updated their website to make the process much easier, introducing a streamlined approach. If you had an unfinished application, you will now need to use this streamlined application; however, it is online and much easier to complete. If you previously submitted an application, it is not clear whether you can resubmit it using the streamlined application, but it does give you the option now to request the $10,000 emergency grant. We are suggesting even if you have applied to complete the new streamlined application in order to apply for the $10,000 emergency grant.

  1. Go to https://covid19relief.sba.gov/#/
  2. Select the appropriate entity – most clients should select “Applicant is a business with not more than 500 employees” or “Applicant is an individual who operates under a sole proprietorship, with or without employees, or as an independent contractor.”
  3. Review and verify that you meet the criteria
  4. Proceeds with submitted the requested information about the business and ownership.

This streamlined application could take under 15 minutes. We expect the system will see a lot of traffic so please be patient, and persistent if there are delays in using the website.

Information needed for the loan application (You will not be able to save as you go, so assemble information in advance):

  • Basic business information – name, EIN, address, business type
  • Basic financial information – Gross revenues for the 12 month period prior to 1/31/20
  • Basic ownership information

 

EIDL Loan / Cares ACT Information

https://www.adp.com/resources/articles-and-insights/articles/e/eow-coronavirus-aid-relief-and-economic-security-act-part-2.aspx

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

https://www.irs.gov/coronavirus?fbclid=IwAR1u1va_HbJKa6Gw_oARiYRU58-OlEPTkDhqhP-kXCHX93hDyPrCuYNwdaM

https://taxfoundation.org/sba-paycheck-protection-program-cares-act/

https://www.natlawreview.com/article/sba-loans-under-cares-act

https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf

https://www.finimpact.com/covid-19-coronavirus-smbs/

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Securities and investment advisory services are offered solely through Ameritas Investment Corp. (AIC). Member FINRA/SIPC. AIC and Alpha & Omega Financial Services, Inc. are not affiliated. Additional products and services may be available through Joe Pantozzi or Alpha & Omega Financial Services, Inc. that are not offered through AIC. This is not an offer of securities in any jurisdiction, nor is it specifically directed to a resident of any jurisdiction. As with any security, request a prospectus from your Registered Representative. Read it carefully before you invest or send money. A Representative from Alpha & Omega Financial Services, Inc.  will contact you to provide requested information.Representatives of AIC do not provide tax or legal advice. Please consult your tax advisor or attorney regarding your situation. Securities products are currently limited to residents of Nevada, California, Florida, New Jersey.