Rhode Island Corporate Resolution for EIDL Loan
Description
How to fill out Corporate Resolution For EIDL Loan?
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FAQ
Loans under $200,000 do not require a personal guarantee, but there is an EIDL personal guarantee for loans above that amount. The guarantee is required of all individuals or entities that own 20% or more of the business.
Additionally, there's a required minimum personal credit score for these EIDL loans. Depending on how much you're borrowing, the requirement can vary. For $500,000 or less, your EIDL credit score must be 570 or greater to qualify. For more than $500,000, your EIDL credit score must be 625 or greater to qualify.
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.
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.
Applicants for COVID-19 EIDL may be declined if they have been convicted of a felony in the past five years; or ever been engaged in the production or distribution of any product or service that has been determined to be obscene by a court2026are currently suspended or debarred from contracting with the federal
Do You Need an Audit on Your COVID Small Business Loan? But if you got an EIDL (Economic Impact Disaster Loan) the answer is yes. The answer is yes only if your loan is equal or greater than $750,000.
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).
Potential Penalties for Misuse of EIDL Funds The penalties for fraud under the CARES Act are severe. Criminal prosecutions for EIDL fraud can include allegations of federal law violations such as bank fraud, wire fraud, mail fraud, making false statements to the SBA, and many others.
Businesses that received loans exceeding $2 million are subject to an audit when seeking forgiveness, during which time the SBA can evaluate: The borrower's eligibility to receive funding under SBA guidelines and the CARES Act. The amount of the loan and use of the proceeds. Forgiveness eligibility.
