Serving in the Military gives a person a number of different benefits, but there are some that are not as well known. Many people join the military to serve their country, as patriots, or to access different financial and educational benefits. For many years the people that have signed up in the Reserves joined years ago when we were not at war, or during the peaceful years when Reservists were not actively mobilized overseas.
But many people who join the Reserves in present day are then mobilized, and in effect service in the Reserves becomes TAD extended duty on active duty. Due to this, the civilian lives of these Reservists can become disrupted, they can operate key businesses that suffer a loss when they are called up to military service, and sometimes their small business can suffer. These calls to service can cause injury or loss, to companies, to small businesses, as well as losses to individuals, despite the Reservist service to their country. There is a program that was designed to assist these Servicemembers to help give support and prevent financial loss and injury to them or to the companies they own or work for.
The program is called the Military Reserves Economic Injury Disaster Loan program, or MREIDL for short. Congress and the President of the United States created the special loan program to fund short-term expenses, and working capital for businesses where crucial members of their company are called onto TAD or extended active duty. But it is not just reserved for owners, but for employees and other members of businesses that are affected by the call to active duty military service. Eligibility begins the first day that the Reservist is called to active duty service, and it is possible to be started up to 90 days from the time that the involved Reservist is separated from Active duty service. This is a SBA small business administration program, it is a program that created a fund to assist financially different businesses that have Reservists in key situations that require their presence.
It is a program that has worked together to help give assistance and support to the Reservists that are often hardest hit by the call to Active Duty Military Service. The MREIDL program is for all different reservists, as individuals as well as small business owners and operators.