Virgin Islands Corporate Resolution for EIDL Loan
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How to fill out Corporate Resolution For EIDL Loan?
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FAQ
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.
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.
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.
After the deferment period ends, COVID-EIDL Borrowers will be required to make regular principal and interest payments beginning 30 months from the date of the Note.
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.
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 resolution of board of directors is the convenient form that satisfies this requirement. The completed form signifies that the board of directors is aware of the fact that the finances are requested, of the exact sum, and has authorized the organization indicated in the document to receive funds.
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.
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.
Notice: COVID EIDL is no longer accepting new applications but will continue to accept requests for increases, reconsideration, and appeals. As of January 1, 2022, we are not able to accept applications for new COVID EIDL loans or advances.
