Popular YouTube country song expresses frustration experienced by many struggling businesses regarding shifting qualifications, moving goal posts, and continued governmental delays related to the passing of S.513 - the Ensuring Increased Disaster Loans for Small Businesses Act (EIDL)
TACOMA, Wash., May 12, 2021 /PRNewswire/ -- RGD Gaming LLC (https://rgdgaming.com/) announced it would begin selling music CDs to shed a light on the current EIDL gridlock in Congress. Like many small businesses affected by the Covid-19 pandemic, RGD Gaming is still waiting on promised emergency funding from the SBA EIDL program, namely a $10,000 grant. Originally intended to be sent out within three days of applying, the Emergency EIDL advance was advertised as a quick way for businesses to get cash to weather the pandemic. Unfortunately, the program has since earned a sullied reputation when it was quickly limited to $1K per employee. The latest iteration of this bill, S.513, languishes in Congress, though it could ensure businesses finally get their full grants by removing key low-income area provisions. The satirical country song addresses the full issue and is now available for preorder. The song may also be previewed on YouTube.
"There are currently only 90 thousand or so applicants, out of five million, who have been approved by the SBA for the new Targeted EIDL advance," said Robert Dunham, RGD Gaming founder. "That means a lot of businesses are left waiting, which is particularly troublesome since they've already waited nearly a year on the Cares Act. No business owner in their right mind would have agreed to have their grant qualifications shifted to low-income area policies, but for some reason, Congress did. It ignores the very real lives affected by the economic devastation of Covid-19, with too many small businesses falling by the wayside. Covid-19 did not make a choice to impact low-income areas only: we were all impacted. Overall, this song is satire – however, it puts into perspective a year's worth of administration woes. This needs federal attention right now. We ask other small businesses to come together with us in support. Please help all small businesses by calling, emailing, or faxing one of Senator Schumer's offices."
EIDL for Small Businesses Act
Managed by the SBA, federal EIDL loans are broad-ranging and help a wide variety of businesses and organizations. Some important details on these EIDL loans include:
Low Interest Rates: The interest rate is around 3.75% APR for most borrowers, and even lower for non-profits: 2.75%. The maximum loan amounts have recently been increased to $500,000, but the new bill would move the ceiling back to the original $2-million.
Long Payback Times: EIDL loans offer an incredibly long payback period: up to 30 years. A recent increase of the 12-month deferral to a 24-month deferral is also available for interest and principal payments.
Available to Non-Profits: The EIDL offers assistance for non-profit organizations, including chambers of commerce, business leagues, boards of trade, real estate boards, and other professional leagues. PPP loans were not accessible by 501 (c)(6) entities, and many organizations are also in dire need of assistance.
Burden of Proof: Each business/organization must prove they were unable to meet operating expenses during the disaster in question (i.e. the Covid-19 pandemic). For retail businesses who suffered unprecedented losses in sales over the last year and a half, this burden of proof is easy to meet.
The S.513 EIDL bill ensures businesses can obtain their full $10K grants. It also increases loan size back to $2-million and fast-tracks funds to those businesses most in need right now. It must be taken up by the Senate and passed immediately.
About RGD Gaming LLC
Founded in 2008 by Robert Dunham, RGG Gaming is a miniatures and tabletop accessories company that creates unique, bespoke miniature pieces for the gaming industry and individual gaming clients. The company also helps medical professionals train in HIV prevention. Learn more at: www.rgdgaming.com.
Robert Dunham, RGD Gaming Founder
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SOURCE RGD Gaming LLC