Eidl Loan Forgiveness For Self Employed In Santa Clara
Description
Form popularity
FAQ
Yes, independent contractors are eligible for SBA loans. Under the SBA's definition, small businesses qualify as long as they don't exceed a specific revenue limit or number of employees.
COVID-19 EIDL is not forgivable.
Note that funds received from EIDL aren't taxable income, and aren't subject to this 25% reduction test.
Yes, applicants will receive tax information related to the grant proceeds, which will need to be reported on tax returns.
During the Hardship Accommodation period, borrowers can voluntarily make larger payments. The regular monthly payment amount will resume and be required after the six-month Hardship Accommodation period ends. Borrowers may be able to renew the Hardship Accommodation Plan, if necessary. The terms may vary for renewals.
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.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
