New Mexico Corporate Resolution for EIDL Loan
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FAQ
SBA Form 160, Resolution of Board of Directors is a form issued by the Small Business Administration (SBA) and filed with SBA Business Expansion loans - including Direct, Guaranteed, or Participation loans.
The EIDL documents require a Board Resolution to be submitted within 6 months of loan disbursement. Proof of Hazard insurance is due within 1 year of loan disbursement.
Remember, EIDL loans cannot for forgiven. EIDL grants are automatically forgiven, provided you use the funds on approved expenses.
The Small Business Administration will determine whether you qualify for forgiveness for some or all your EIDL Advance (up to $15,000 across both Advances). Those deemed potentially eligible will receive an email from the SBA with instructions to apply for forgiveness of the Advance(s).
The US Small Business Administration (SBA) has extended the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) payments for the third time in 12 months.
EIDL Loan Forgiveness. EIDL loans cannot be forgiven. EIDL loans do have a deferment period, however. Loans made during the 2020 calendar year have a 24-month deferment window from the date of the note.
When applying for an EIDL loan, don't forget to apply for the advance up to $10,000 which is a grant, by checking the box. The loan advance will not have to be repaid.
SBA Form 160, Resolution of Board of Directors is a form issued by the Small Business Administration (SBA) and filed with SBA Business Expansion loans - including Direct, Guaranteed, or Participation loans.
A certified board resolution is a written document that provides an explanation of the actions of a company's board of directors that has been verified by the secretary of the organization and approved by the board's president.
For those loans where SBA remitted a forgiveness payment to a PPP lender that was reduced by an EIDL Advance, SBA will automatically remit a reconciliation payment to the PPP lender for the previously-deducted EIDL Advance amount, plus interest through the remittance date.
