Economic Injury Disaster Loan
We recently spoke to experts around the Economic Injury Disaster Loan (EIDL) from the US Small Business Administration to better understand and breakdown the options there are available for your dealerships affected by COVID-19 at this time. Please note, the following is informational purposes only and should not replace legal advice.
Highlights of the EIDL:
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Availability: Available to any small businesses who has been impacted by the loss of revenue due to the Coronavirus
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Amount: Your business could receive up to $2 million direct from the US Government
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Terms: 30 year fixed rate with a 3%-3.25% two year deferral and no personal guarantees required
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Collateral is required for loans over $25,000, but do take real estate into consideration (your dealership)
- Gain additional information on the Loan Terms
- See if you qualify with Eligibility Requirements
- Understand the Application Process