Citrus County Chamber of Commerce
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As part of the Federal Economic Stimulus Program that passed the Senate earlier this week and passed the House today, businesses that apply for an SBA Economic Injury Disaster Loan will qualify for a $10,000 advance within three days of applying for the loan. This advance is a grant that does not need to be repaid.
Emergency Economic Injury Grants:
The stimulus includes $10 billion in funding for a provision to provide an advance of $10,000 to small businesses and nonprofits that apply for an SBA economic injury disaster loan (EIDL) within three days of applying for the loan. EIDLs are loans of up to $2 million that carry interest rates up to 3.75 percent for companies and up to 2.75 percent for nonprofits, as well as principal and interest deferment for up to 4 years. The loans may be used to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses.

The EIDL grant does not need to be repaid, even if the grantee is subsequently denied an EIDL, and may be used to provide paid sick leave to employees, maintaining payroll, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments. Eligible grant recipients must have been in operation on January 31, 2020. The grant is available to small businesses, private nonprofits, sole proprietors and independent contractors, tribal businesses, as well as cooperatives and employee-owned businesses.

A business that receives an EIDL between January 31, 2020 and June 30, 2020 as a result of a COVID-19 disaster declaration is eligible to apply for a PPP loan or the business may refinance their EIDL into a PPP loan. In either case, the emergency EIDL grant award of up to $10,000 would be subtracted from the amount forgiven in the Paycheck Protection Plan.

The bill provides $562 million to ensure that SBA has the resources to provide Economic Injury Disaster Loans (EIDL) to businesses that need financial support.
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The full release on the Small Business Committee site is 
here.

Chamber Legacy Members

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Contact Us

915 N. Suncoast Blvd.
Crystal River, Fl,
34429

Phone: 352-795-3149
Fax: 352-795-1921
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Copyright Citrus County Chamber of Commerce.  All Rights Reserved.
915 N. Suncoast Boulevard|  Crystal River, Florida 34429
Phone: (352) 795-3149| sitemap
  • About Us
    • Chamber Overview
    • Mission & Vision
    • Leadership >
      • Chamber Team >
        • Chamber Team Mascots
      • Board of Directors
    • Newsroom >
      • Chamber Connection >
        • Past Chamber Connection
      • Chamber Report (WYKE 47)
      • Current Issues
  • Membership
    • Member Login
  • Involvement
    • Business Women's Alliance
    • Chamber Ambassadors
    • Citrus Business Alliance
    • Governmental Affairs
    • Leadership Citrus
    • Young Professionals
  • Special Events
    • Special Events Calendar
    • Business Appreciation Month >
      • BAM BBQ
      • Fire Up Citrus! >
        • 2019 Presenters
    • Business Expo
    • Festivals >
      • Florida Manatee Festival
      • Floral City Strawberry Festival
    • Pillar Awards
    • Christmas Parades
    • Chamber Calendar
    • Community Calendar >
      • Add Community Event
  • Business Directory
  • Chamber Coupons
  • 2021 Chamber Directory
  • Shop Citrus First
  • CORE Business Center