Quote Originally Posted by Yankeeman07 View Post
SBA 7(a) closes in the range of 30 to 60 days. A benefit of SBA 7(a) is that 1st 6 months payments are paid by the SBA.

I would check your info from the merchant EIDL does not fund up to $150K - they either received PPP $$ or possibly an SBA Bridge Loan?

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. Recipients do not have to be approved for a loan in order to receive the advance, but the amount of the loan advance will be deducted from total loan eligibility. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on June 15 to qualified small businesses and U.S. agricultural businesse.

Moving forward, this owner should qualify for long-term funding. I rep for an SBA Bank, call me to discuss options.


This is incorrect information. The EIDL is currently providing loans up to 150k (2MM for agriculture). The 10k that you referenced is an advance (grant) that business owners can receive regardless of whether or not they get approved for the loan.