The EIDL Loan Handbook for Small Businesses
Bench's expert bookkeepers outline the bookkeeping and recordkeeping requirements to remain compliant with the SBA's loan terms. We also cover the conditions of the EIDL and what you can and cannot spend the funds on.
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Getting approved for an EIDL loan is a great first step in successfully navigating COVID-19 as a business.
But once you receive the loan, you’ll need to spend the funds in the right way, and keep a number of records to comply with the SBA agreement you signed.
In this simple guide, we cover:
- The rules on what you can spend your funds on
- Which expenses are prohibited
- Using the EIDL and PPP together
- Which receipts to keep during the EIDL loan
- The accounting and bookkeeping requirements for complying with the SBA going forward
And much more.
Once you’ve gotten approved, you can consider this your one-stop handbook to managing your EIDL loan.
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