In this episode, Casey Hiers welcomes COO Brogan Baxter to the studio to dive into the Economic Injury Disaster Loan (EIDL) program. While this unique loan offers attractive terms like a 3.75% interest rate, a 30-year repayment period, and 12 months of deferred payments, small business and practice owners must understand its nuances.
Designed as working capital for businesses impacted by the COVID-19 pandemic, the EIDL is a true loan, unlike the forgivable PPP. Casey and Brogan discuss how the program's recent expansion and the fast-paced scramble for federal funds might have led many to overlook key provisions. They'll explore the restrictions that could lead to an inadvertent default and help you weigh whether this "slush fund" loan is the right step for your business.
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