Economic Injury Disaster Loan

Posted on: April 28, 2020
Verbal Agreement / Oral Contract / Business Litigation / Beers and Gordon P.A.As frustration brews for small businesses in desperate need of financial aid, the result of a lengthy and economically devastating quarantine, at least 50 local business owners in Orlando and across Central Florida have now filed suit against the US Small Business Association, or SBA, for a misrepresentation of services, for pulling back, delaying, and limiting essential advances that were promised under the Economic Injury Disaster Loan program. Countering that accusation, the SBA is arguing that this “unprecedented demand” is requiring them to prioritize their lending practices, which is what prompted legal action. On its own the Economic Injury Disaster Loan program, or EIDL, is said to be capable of providing “up to” $2 million in funds for those injured by circumstance.

The stipulations behind this lending practice are two-fold:

To be eligible for EIDL assistance, small businesses or private non-profit organizations must have sustained economic injury and be located in a disaster declared county or contiguous county.

These being incredibly unusual times, it remains to be seen what will become of an SBA lawsuit, but for those businesses in urgent need of relief, taking legal action is about taking steps to ensure these imperative loans are not being mismanaged.

If you or someone you love has been the victim of a wrongful death, a personal injury, or a motor vehicle accident, please contact the law offices of Beers and Gordon P.A. for a free consultation. Our firm serves all of Seminole, OrangeVolusia, Lake, and Brevard counties, including Oviedo, Winter Springs, Altamonte Springs, Sanford, Longwood, Winter Park, Lake Mary, and Greater Orlando. Our attorneys have over 50 years of combined experience ready and willing to go the distance on your case. Call us right away at 407-862-1825.

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