Now, up to Nov 30, 2023 you can:
- File a new application online
If you already applied, you do not file a new application. But you can contact SBA directly:
- File reconsideration if you were previously denied
- Request an increase in the loan if you can prove you need more than received
EIDL loans carry a low-interest of 3.75%. For example, a $15,000 loan would be paid back $69.47/month for 30 years. You do not have to make your first payment until one year after you received the loan. If you decide to pay it back early, there is no penalty. You just have to pay the interest on the first year.
GUIDE TO APPLY:
1. Calculate your gross revenue for the last 12 months: check your 1099 or your tax filing with last year's income.
2. Calculate your expenses for the last 12 months. Check your Schedule C, and also add operating costs you may have left off. Here are some examples:
- TLC License Renewal (Driver, Medallion, FHV Vehicle)
- Drug Test
- Gasoline
- Tolls
- Cell Phone (% used for work)
- Yellow or FHV Lease or Car Financing
- (Owner-Drivers only) Medallion Mortgage
- Car Maintenance
- Liability Insurance
- Workers Comp Insurance
- TPEP Monthly Fee
- Tax Stamp and Medallion License Renewal
- Credit Card Processing Fees
- MTA tax, Congestion and Improvement Surcharges
3. Have your bank account information ready for direct deposit: bank name, account number, bank routing number (number at bottom left of you check)
4. Know these answers:
- Question 1: Check, "independent contractor or sole proprietorship"
- You will need to add your Social Security Number
- "Cost of goods sold" means your expenses
- Where it asks for "Owner" put your name and "100" percent owner.
- It will ask for the date the business was established. So, when did you start driving? (just has to be before Jan. 1, 2020)
- For your business phone number: give your number
- "Is your business owned by a business entity?" The answer is no if you are an individual owner.
- When the form asks for your business name, just enter your individual name if you don't have a business name. If you have a LLC, you use that name.
- You can ignore the question "If anyone assisted you in completing this application ..." unless you have in fact gotten help.
- Make sure to check the box that says you want to apply for the $10,000 grant (it will only be $1,000 per individual. If you are owner-driver partners filing, it should be $1,000 for each of you.) Right now, this program is closed, but it could be opened again any day.
- Have paper and pen to write down your confirmation number when you finish. (Or take a screenshot.)
The form should take about 15 minutes to fill out.
6.SBA may ask you to provide more information after receiving your application. Be sure to check your emails to reply on time.
SBA CONTACT INFORMATION:
If you cannot get through, then try your local SBA office:
- Bronx: 718-960-8806 OR 718-960-8697
- Brooklyn: 718-797-0187
- Manhattan: 646-745-8573 OR 646-312 4790 OR 212-618-6655
- Queens-LaGuardia: 718-482-5303 OR 718-262-2880
- Staten Island: 718-982-2560
