EIDL loan forgiveness

While there isn't technically EIDL loan forgiveness, there is EIDL Advance forgiveness, and there is a cap on this. You cannot have more than $15,000 forgiven across both the Targeted EIDL Advance and the Supplemental Targeted EIDL Advance.

EIDL Loan Refresher

An EIDL loan is a long-term low-interest loan from the U.S. Small Business Administration . It is intended to help small businesses cover operating expenses and other financial obligations that they are unable to meet because of a pandemic or natural disaster

The initial COVID-19 EIDL program offered coverage for up to 24 months of economic injury with a maximum loan cap of $500,000. If you are awarded funds through an EIDL loan program, you could spend those on working capital and regular expenses like healthcare benefits and rent

To be eligible for the program your business must be physically located in the United States and have experienced working capital losses due to COVID-19

some additional eligibility requirements:

1.The business must have been in operation on or before January 31, 2020. 2.The business must have a valid IRS-issued Taxpayer Identification Number . 3.Owners, members, or partners that own more than 20 percent of the business must be U.S. citizens, non-citizen nationals, or qualified aliens with a social security number.