The EIDL advance — a program set up in March through which small businesses that applied for an Economic Injury Disaster Loan could also apply for a $10,000 cash grant … So, if you have more than 10 employees working for you, the maximum amount you can receive is $10,000. I appreciate the thought of a shortened application but I do think copies of tax records should have been requested at time of applying to at least make this easier for the SBA to "validate" processing grants. Speak to your state representative. The Act also replenishes the EIDL Advance fund, which allows businesses suffering a substantial economic injury to apply for an advance that does … Currently, the SBA is providing $1,000 per employee, up to ten employees (and if you’re a sole proprietor, you’re eligible for $1,000 only). Still no $1000 grant advance.... Close. I'm celebrating. Same here, nothing yet after updating bank info. If you are deemed eligible, the $1,000 will be deposited into your bank account and DOES NOT need to be repaid. I’m applying right now but I’m not sure if I’m doing it right. - Duration: 18:40. ... help Reddit App Reddit coins Reddit premium Reddit … It actually becomes a loan, but paid back to your Paycheck Protection Program loan payment. I am so happy I got it however that’s all I want. Press J to jump to the feed. EIDL Grant stems from an EIDL Grant Application process approved by the Cares Act. Press question mark to learn the rest of the keyboard shortcuts. If you’re a sole proprietor, take 3 minutes to understand how the EIDL works for you. If a business has received both the EIDL and PPP funds, EIDL funds cannot be used “for the same purpose” as the PPP loan. I applied june 24th as a independent contractor , filled out the application perfectly, no MISTAKES, recieved my grant of $1000 within 5 days weekend included. So you can only receive the loan. The grant is meant to pay certain expenses, but the grant is not taxable income. The CARES Act SBA EIDL program is currently closed, and is not accepting new applications. Pretty much ANYONE who made ANY money not from regular employment (a W2) qualifies for this $1,000 EIDL grant.Ebay, Etsy, Uber, gave a friend a non-sexual massage for $20? I plan to create a special miscellaneous expense account for the grant and enter it as a negative amount. I also am getting a small EIDL grant. Checked my account after 2 am june 30th . Economic Injury Disaster Loan Emergency Grant was originally designed to give businesses up to $10,000 ($1,000 per employee) in working capital so they could pay workers. Since then SBA has been under fire by Congress from digressing. As far as we can tell so far, part of the funding for EIDL Grants is available to you — $1,000 per employee — if you did not receive a grant in the first distribution. ... help Reddit App Reddit coins Reddit premium Reddit gifts. I wish everyone luck, American needs it. Any updates on the EIDL emergency grant will be posted here and the post will be updated regularly. Key Points The EIDL Advance program, created by the CARES Act, offered up to $10,000 in emergency grants to small businesses. It will show up on my P&L as a negative expense. From what I understand, SBA can only tell corroborate the information with you. I was applying for the EIDL loan and there was no check box for the advance. I had to use a regular account but it's out of state so they might not take it either idfk. Thanks yall. $10,000 is simply the maximum you could possibly receive. The amount of the grant was determined by the number of employees indicated on the EIDL application: $1,000/employee, up to a maximum of $10,000. It also expanded EIDL eligibility for certain businesses and organizations, and it established an Emergency EIDL Grant program as part of the If you do not check this box, your business will not be considered. 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