The Village of Saranac Lake Community Development Department and the Small Business Administration have released an update on loans and resources available for small businesses to help them persevere through this current public health crises.
Economic Injury Disaster Loan (EIDL) is a program intended to help cover working capital, pay fixed debts, payroll, accounts payable, other bills that can’t be paid because of the disaster.
EIDL Loan Advance are grants which provide emergency advances of up to $10,000 for small businesses and private non-profits negatively impacted by COVID-19 within 3 days of applying for an SBA EIDL, an economic injury disaster loan. The advance does not need to be repaid.
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