Everyone is talking about the SBA latest financial relief. Billions of dollars again have been released! My phone has been blowing up. I want to bring clarity to my existing and potential clients looking for a second wind and/or win of funding.

The new money approved for the EIDL program is for NEW APPLICANTS ONLY that have never applied for any funding in the SBA EIDL program. The new funds approved only affords the EIDL program to operate longer passed the last two extension dates, which the last expiry date was December 30, 2020 thus now shifting the new expiration date to December 31, 2021 for new applicants.

Therefore, if your business has already ascertained monetary relief then your business cannot apply or qualify for additional funds in the same business name. Remember the EIDL is not forgivable; thirty-year term, 3.75% interest rate, and no prepayment penalties. However, if there is another business in a separate business name, you own and never applied, then that business can qualify.

All pre-requisites remain the same: 1) Businesses registered before January 30, 2020, 2) 570 Minimum Experian credit score, and 3) may or may not have to supply other documentation to support your hardship status. If declined for any reason, then of course, reconsideration for approval is still active and ongoing once overcoming the challenges presented in the denial statement.

EVERYONE IS ASKING, “Marcia, what can I apply for, is there anymore money?”


Best route for second timers is the Payroll Protection Program (PPP) including those who have ALREADY RECEIVED a PPP in the first round of funding. Yes, your business can apply and receive additional funds as a second draw from the PPP AGAIN. There are stipulations that will apply: No more than 300 employees, and financial losses in 2020 must be 25% lower than 2019.

All can apply even those structures that did not qualify the first time PPP was offered to the public like 501(c)(6) organizations such as local chambers of commerce, housing cooperatives, and direct marketing organizations.

Terms of loan: 1% interest rate, 5-year term(??) could change.

When? The application process will start today for new timers, for second timers, January 13, 2021.

Where to apply? Local Bank

If you are a current client of Ros DiMere under the care of Marcia Meredith, reach out to me directly.