EIDL Funds Update – Saturday, April 11, 2020 7:16PM

News is going around regarding EIDL loans. EIDL loans were slated to be based on lost income and up to $2 million. The news, Facebook and other questionable sources are reporting that instead they appear to be limited to $25K per applicant. This includes the potential $10K advance that is already late according to its 3-day disbursement expectation. The message is clearly portrayed as negative and incites initial fear. Don’t panic when you hear of this. According to the message—posted below—this is just the “initial disbursement” and not necessarily the actual maximum amount. Obtaining a higher loan amount will not be easy because it requires collateral that likely doesn’t exist in your practice; so ultimately a big EIDL loan may not materialize. But the plan isn’t to take on big debt, but just to make it through the crisis. $25K would go a long way toward that goal. Either way, based on the quantity of applicants and the pace at which the SBA is moving, we don’t have expectations of real EIDL relief anytime soon.