The SBA has once again opened up its Economic Injury Disaster Loan (EIDL) grant and loan program to non-agricultural companies. This means that small businesses, self employed, and independent contractors in business on January 31, 2020 are eligible to receive a $1,000 grant per employee (up to $10,000) which does not have to be paid back. However, the grant is deducted from your PPP loan forgiveness.
Remember these loans and grants are not through a bank or a fintech lender, but directly from the SBA (and applied online to them).
Getting the grant is part of applying for the EIDL loans which range up to $2 million at low interest over 30 years. These smaller grants are available until December 2020. Please check the box that you want to apply for the grant (or you won’t get it).
To fill out the online application directly with the SBA, you need to list your gross revenues for the past 12 months and your cost of goods sold. You will also need to list your banking information so they can directly deposit the advance into your account.
The SBA should then send you a confirmation number and you can receive the grant in less than a month. I have no idea how long the full loan may take to get.
Even if you don’t get the full loan, you can keep the grant money so please apply!
Need help filling out the form or getting your PPP loan forgiven. Contact me!
More information on cash for your company during COVID 19 can be found here.
