Can an EIDL Loan Be Forgiven If the Business Closes?
The U.S. Small Business Administration (SBA) created the Economic Injury Disaster Loan (EIDL) program to assist nonprofit organizations and businesses recover from the financial effects of natural disasters, such as the COVID-19 epidemic. For qualified companies, the EIDL offers low-interest loans that give them the money to pay for operating costs in hard times. The …