Economic Injury Disaster Loan (EIDL) and EIDL Advance Program

On June 15, 2020 the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19 today. The EIDL program offers U.S. qualified small businesses, such as Domino's franchisees, long-term, low interest assistance of up to $150,000 and/or and EIDL Advance of up to $10,000 of emergency economic relief that does not have to be repaid. Both options under the SBA's EIDL program can be applied for in conjunction. We recommend contacting D & S Management Services Inc to help determine if you are eligible and to help you apply for the loan/advance.

U.S. Qualified Small Business Eligibility

• Generally, a small business is one with under 500 employees.
• All Domino’s franchisees qualify because they are in the accommodation and food services sector (NAICS 72XXXX) with under 500 employees per a physical location (store).
• Been in business since January 31, 2020.

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‍Economic Injury Disaster Loan (EIDL) - D & S Recommended

• Small business low interest federal disaster loan of up to $150,000 for business working capital. (Loan proceeds cannot be used to retire long-term debts)
• Loan amount determined based on prior year revenue, cost of goods sold, and number of employees.
• Interest rate of approximately 3.75%.
• Loan repayment term up to a maximum of 30 years.
• First payment is deferred one year (12 months after closing).

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  EIDL Advance

• Provide up to $10,000 ($1,000 per employee) of emergency economic relief.
• Recipients do not have to be approved for the loan in order to receive the advance, however, the amount of the loan advance will be deducted from total amount of the loan the recipient is eligible for.
• This emergency grant (EIDL Advance) does not have to be repaid.
• **If you have received a Paycheck Protection Program(PPP) loan, you are ineligible to apply for the EIDL Advance.**

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‍Conclusion

The Economic Injury Disaster Loan (EIDL) and EIDL Advance provide a great opportunity for U.S. qualified small businesses (Domino's franchisees) to obtain working capital with very favorable loan terms. We recommend contacting D & S Management Services Inc to help determine if you are eligible and to help you apply for the loan/advance.