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As a public service, in an effort to keep local businesses informed, we wanted to share some details about the US Small Business Administration Economic Injury Disaster Loan Program that the state of NJ was approved for to help local businesses.

Golden Mortgage can help you apply for a disaster loan.

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Link to SBA Disaster loan information about the 3 step process. Requirement: personal financial statement, 3 years tax return.  2-3 week turn times. 

Please visit the US SBA website here for more information as to how to get access to money for your business:

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

Here is a quick fact sheet about the loan program:

https://www.scbp.org/wp-content/uploads/2020/03/NJ_16349-EIDL-Fact-Sheet.pdf

Some details:

Application Filing Deadline: December 18, 2020

Credit Requirements:

• Credit History – Applicants must have a credit history acceptable to SBA.

• Repayment – Applicants must show the ability to repay the loan.

• Collateral – Collateral is required for all EIDL loans over $25,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral, but SBA will require the borrower to pledge collateral that is available.

Interest Rates: The interest rate is determined by formulas set by law and is fixed for the life of the loan. The maximum interest rate for this program is 3.750 percent. 

Loan Terms: The law authorizes loan terms up to a maximum of 30 years. SBA will determine an appropriate installment payment based on the financial condition of each borrower, which in turn will determine the loan term.

Loan Amount Limit: The law limits EIDLs to $2,000,000 for alleviating economic injury caused by the disaster. The actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries up to the administrative lending limit.

Loan Eligibility Restrictions: Noncompliance – Applicants who have not complied with the terms of previous SBA loans may not be eligible. 

Refinancing: Economic injury disaster loans cannot be used to refinance long term debts.

Insurance Requirements: To protect each borrower and the Agency, SBA may require you to obtain and maintain appropriate insurance.

Good luck and be safe!  As always, please feel free to reach out to us directly with any questions for your future financial needs.  We will overcome this economic crisis together.



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