Eidl Loan Forgiveness For Sole Proprietor In Hennepin
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FAQ
COVID-19 EIDL is not forgivable.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
As of 2024, businesses with COVID-19 EIDL loans must focus on managing their repayment obligations. These loans are not eligible for forgiveness (except for the EIDL advance grants) and require full repayment.
There is no provision for forgiveness on these loans, nor should anyone expect that there will be. The EIDL is a decades-old program, and if they forgive loans for this particular disaster, then borrowers for every other EIDL program are going to expect forgiveness on their loans as well. It's not happening.
3508EZ: Borrowers who are self-employed with no employees OR borrowers who did not reduce employee salaries by more than 25% and did not reduce employee hours OR borrowers who reduced business activity due to COVID-19 health guidelines and did not reduce employee salaries by more than 25%
There is no provision for forgiveness on these loans, nor should anyone expect that there will be. The EIDL is a decades-old program, and if they forgive loans for this particular disaster, then borrowers for every other EIDL program are going to expect forgiveness on their loans as well. It's not happening.
You must apply for forgiveness directly with the SBA using their online portal. Click here to apply for forgiveness now. When do I need to apply for forgiveness? You have 10 months after the end of your Covered Period to apply for forgiveness.
