South Carolina Corporate Resolution for EIDL Loan

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Multi-State
Control #:
US-0031-CR-7
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Word; 
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Description

Generic form with which a corporation may record resolutions of the board of directors or shareholders.

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FAQ

The Small Business Administration certification is part of a contracting program that helps small companies compete for federal contracts. The government sets aside some of its contracts (both competitive set-aside and sole-source set-aside contracts) for small businesses each year to limit competition.

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.

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.

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.

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.

S Corporations, LLCs, Sole Proprietors, and Partnerships are eligible to apply for the EIDL and the EIDL Loan Advance as long as they were in business prior to January 31, 2020 and had employees as of January 31, 2020.

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.

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.

Use this form to designate additional authorized individuals to act on behalf of the Licensee.

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South Carolina Corporate Resolution for EIDL Loan