EIDL Loans: Walkthrough

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Video Transcription:

Do I need to pay it back and when do I get my money a loan versus a grant? The $10,000 emergency grant does not need to be paid back. Your EIDL loan once approved does need to be paid back. Upon successful approval of your EIDL loan, the terms will be outlined to you by the SBA. The longterm can be up to 30 years with an interest rate of 3.7% to 4% the important question is, when will I get my money? The $10,000 emergency grant funds are available following a successful application. The SBA is a directed to disperse the funds within 72 hours of receiving your application. The EIDL loan, because underwriting standards apply take a little bit longer. The expected time for processing your EIDL loan at this time is 21 days, and disbursements of funds are usually five days after approval. This time may be lengthened due to the high volume that they currently have.

Donna Bordeaux, CPA with CampgroundAccounting.com

What happens when you send two CPAs out into the relaxing outdoors to camp? You get CampgroundAccounting.com.  Donna and Chad have over 50 years of combined experience as entrepreneurial CPAs.  They’ve owned businesses and helped business owners exceed their wildest dreams.  They camp and travel across the country every chance they get, so it’s just a natural fit that they focus their CPA skills on helping campground owners throughout the USA grow their businesses and minimize the impact of taxes.  They understand the key performance indicators and specialized issued that face RV park owners every day.

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