We cannot submit an application on your behalf for this program but we can assist with whatever loans you would like to combine with an EIDL application
What do I need to know about this program?
The Federal Government designated COVID-19 a disaster, making available economic disaster loans up to $2 Million to help businesses and non-profits cover debt, payroll and other bills that they are currently unable to pay due to hardship that came about as a result of the COVID-19 pandemic.
How do I Qualify for an SBA 7(a) Standard Loan?
For profit and non profit businesses
Available to all businesses and private non-profits who show an economic impact as a result of disasters like COVID-19
Loan Amounts
These loans are available in amounts up to $2 Million, compared to $5 Million with Standard 7(a) loans. Loan advances are also available for up to $10,000. The advanced amount will not have to be repaid.
Loosened Requirements
The new loan does not require a personal guarantee or collateral and has no minimum FICO requirements.
What questions have other small business owners been asking?
Where is your business located?
Your business must be based in the U.S.
Has COVID-19 impacted your business?
You must be able to show economic injury via a decline in revenue due to COVID-19
What questions have other small business owners been asking?
What are the rates and terms of the 7(b) Economic Injury Disaster Loan?
With this program, rates will fall between 2.75% and 3.75% and terms will go as far out as 30 years
Does the 7(b) EIDL Program Offer Loan Forgiveness?
No, the EIDL Program does not offer loan forgiveness. Only the 7(a) CARES Paycheck Protection Program loans are eligible for forgiveness at this time.
Can I get an advance for this loan?
Yes, eligible small businesses can apply for an Economic Injury Disaster Loan advance of up to $10,000. This loan advance will not have to be repaid.
How will the SBA Determine how much I can receive?
Approval amounts will be determined on a case by case basis and will be dependent on the amount of economic injury experienced that is directly related to COVID-19
Can I combine the SBA 7(a) CARES Relief Loan with other SBA Loans?
EIDL loans can be combined with physical disaster loans, however the combined maximum loan amount in this situation is $2 Million.
EIDL loans can also be combined with both the SBA 7(a) CARES Paycheck Protection Program Loans and SBA 7(a) Standard Loans
How can Gold Card Capital help?
We help small business owners, like you, find funding fast.
Identify and Assemble Documents
The SBA requires
- Most recent Federal Tax Return
- Year end profit & loss statement
- Current year to date profit & loss statement
- Monthly break down of sales figures
Our network of SBA lenders
Weighing your options
We have your back. Our company is built around helping small business owners get the best lending options for their situations.
Get you capital
Learn more about Gold Card Capital today. Please call for any free analysis/consultation on 1-855-479-9380 or send an email to m_adelberg@goldcardcapital.com.
