How to Tell if Your Business Is in a Low-Income Community for EIDL

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What Is EIDL?
Traditional EIDL Loan
Remnants of Hurricane Ida Remnants of Tropical Depression Ida Hopkins Fire Brannan Island Fire Georgia flooding California pipeline oil spill
COVID-19 EIDL Loans
Can You Get Both?
What can an EIDL loan be used for?
Payroll Rent Health care benefits for employees Repairs Utilities Fixed debt payments Replacing inventory Prepayment of commercial debt Payment of federal business debt
What Is Considered a Low-Income Community for EIDL?
How to Tell If You Are in a Low-Income Community
What Low-Income Community Means
More than 20% of the families in the community are at or below the poverty level The average family income in the community is 80% or lower than that of the state The average family income in the community is 80% of that of a nearby metro area
Figuring Out Community Demographics
Business Location for Online Business or an Independent Contractor
Other EIDL Requirements to Know
Agricultural business Small business Cooperative Employee Stock Ownership Plan Nonprofit Tribal small business
Being more than 60 days behind on child support payments Being in the lobbying industry Being in the gambling industry Presenting ‘’live performances of a prurient sexual nature’’
The Takeaway
About the Author
Lauren Ward is a personal finance expert with nearly a decade of experience writing online content. Her work has appeared on websites such as MSN, Time, and Bankrate. Lauren writes on a variety of personal finance topics for SoFi, including credit and banking.
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