Important EIDL Advance Program Update
As we continue to monitor updates to the recent legislation in Washington, we learn just how quickly things can change.
This morning we learned that the U.S. Small Business Administration’s Massachusetts District Office announced that, nationwide, the SBA has decided to implement a $1000 cap per employee on the EIDL Advance, up to a maximum of $10,000. For example, an applicant with two employees would get $2,000, an applicant with ten employees would get $10,000, and an applicant with more than ten employees would still get $10,000. In a separate announcement, U.S. Senator Brian Schatz of Hawaii, who serves on the Senate’s banking, housing and urban affairs committee, said the change is a result of high demand for the loans. Although our opinion doesn’t matter, we do believe that this does not represent the spirit or intention of Congress when this legislation was passed. We encourage you to reach out to your legislators to make your voices heard. Like everything else in this day and age, maybe this will change.
We will continue to track the latest on how the stimulus package affects all of you. We will get through this together.