The SBA claimed last week to have an Economic Injury Disaster Advance Loan available to small business among other Covid-19 (CARES) programs. It was supposed to fund in 3 days. Has anyone who applied actually seen the money?
Answered by:
The rules governing the EIDL have changed, as Congress is struggling to find the funds to actually shore up these loan packages. Several of my clients have applied; we've been told it may be upwards of six weeks before we learn if the loan application has been accepted, much less see any money. This continues to be a moving target for everyone, so I urge you to research what advocates in your field are saying (i.e. a trusted publication for wineries is 'Wine Advocate'), speak to your banker, and keep applying.