Many churches and ministries have applied for the Economic Injury Disaster (EID) Program. They are somewhat different from Payroll Protection Program (PPP) loans. The Small Business Administration’s (SBA) EID program provides small businesses with working capital loans of up to $2 million to provide vital economic relief to help them overcome the temporary loss of revenue they are experiencing.
Based on conversations with the SBA today, underwriters are approximately three to four weeks out. This information is based on the date you completed your form. They advised that you should see a response within twenty business days from the date of form completion. Once the form is reviewed for initial underwriting, the $10k payment will be released. This will occur while they are requesting more information from you for the EID review for need.
When you receive the request for further information on the EID program or receive documents concerning your need for the program, please contact our office so that we can assist you in structuring your information according to PPP loan and payback requirements. This will ensure your best forgiveness eligibility. You can contact our office at 888-233-6255 or by email at firstname.lastname@example.org.