EIDL Update - reduction in $10K advance for small practices

Finance SBA Loans
1

Received the following update from SBA this morning. This is not great news for my small practice, but at least it means that my application is cooking.

Dear Applicant,

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

2

If this is true, so much for me and my practice, and for any credibility of the federal government following through.

During these times are hard enough to plan for survival, but with the rug being pulled out from under us every other day, the disaster grows in every direction.

Thank you, Dr. Kaplan, for sharing the information

Sincerely,

Laurel J Mehler, MD