The EIDL program implemented by the U.S. Small Business Administration is designed to provide economic relief to nonprofits that are currently experiencing a temporary loss of revenue. EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments.
On 11 July 2020 the U.S. Small Business Administration announced the conclusion of the EIDL Advance program. The EIDL Advance provided $1,000 per employee up to a maximum of $10,000. New EIDL loan applications will still be processed even though the Advance is no longer available.
Timothy provides assistance to its EIDL applicants by providing an enhanced application experience from end to end. Our team will work side by side you in collecting required information, sharing it with SBA and serving as a resource to answer questions you may have that arise during the processing of your loan request.
We take a “What’s coming next?” approach to all communications where we let you know where you’re at in the process and what to expect next as your application moves through its phases.
Complete Timothy's user friendly questionnaire to share the information required for the application and authorize Timothy to assist you in your application
Timothy works with you step by step to complete anything needed by the SBA in processing your application
Timothy provides you “click-by-click" guidance (or call in support if you need it) for digitally signing your loan closing documents
Loan proceeds are disbursed into the businesses account
Owner details, address, banking details, Tax ID, etc.
For the 12 months prior to 31 January 2020 - Gross Revenues, Cost of Goods Sold, Cost of Operating Expenses (for nonprofits), Other compensation received related to Covid-19 (e.g. business interruption insurance).
Yes, private non-profit organizations that are non-governmental agencies or entities that currently have an effective ruling letter from the IRS granting tax exemption under sections 501(c),(d), or (e) of the Internal Revenue Code of 1954, or satisfactory evidence from the State that the non-revenue producing organizations or entities are non-profits organized or doing business under State law, or faith-based organizations.
Yes, faith-based organizations qualify and are encouraged to apply.
The amount is based on the size, type of business and your organization’s financial resources. The current unofficial limit of the EIDL program is $150,000.
The EIDL loan has a term of 30 years and interest rate of 2.75% for non-profits with an automatic deferment of one year before monthly payments begin (the interest is accrued during the first year).
EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments.
If your loan is $100,000, you will need to pay approximately $428 each month (no payments are required in the first year).
Yes, there are no fees for prepayment or paying off the loan early.