New information shows ALL small eligible small businesses get $10,000 -- NOT JUST low income community businesses!
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Vitali and Jason just broke some fantastic news that clarifies what many have been concerned about with the new EIDL program. The recent stimulus law added requirements for businesses to be located within low-income communities and capped the entire EIDL program at $40 billion, which, simply put, was going to prevent many millions of small businesses from being eligible. After considerable research, the pieces are starting to come together, and the updated EIDL program is far better than we expected – all this and more in today’s video.
#EIDLGrant #TeamEIDL #SBA
We expect official word from the SBA on how they intend to implement the EIDL program either today or early next week. Of course, the SBA likes to play by their own rules, so it is anyone’s guess.
From the information that is slowly coming out, it looks like Congress allocated $40 billion for the previous EIDL grant program, so anyone that had previously applied for EIDL and did not receive the full $10,000 grant should, in theory, now receive the grant. It does not appear this is a second grant, so you still only get $10,000 in total. Or said another way, if they gave you $1,000 a few months back, now you get $9,000. If they gave you $5,000, now they will give you another $5,000. If you were one of the lucky few and received $10,000, you will not get any additional grant money this time around.
It also appears from the latest information; the grant does not require you to be located within the low-income communities as we had previously speculated. Additionally, no language in the law states $1,000 per employee. So if you are entitled to the $10,000, the SBA should give you the full amount.
With that cleared up. What was all this talk about the low-income communities, well, we always knew this was in a different section of the EIDL law, but it appeared that these new requirements applied to the entire program. Now, the consensus is, the law actually created TWO EIDL programs. The first was the original program, which Congress gave an additional $40 billion for grants (the program I mentioned about a minute ago). There is also a second program with its own $20 billion allocation to provide more funds to low-income communities.
Right now, it is not clear if low-income communities can apply for both EIDL programs or only one. The law doesn’t state anything either way, so that will be left to the SBA to determine on their own.
It still appears that any businesses that previously applied for EIDL should NOT submit a new application; however, we are not sure if there will be some short forms you will need to fill out in the portal login you already have from the CARES Act submission.
We also expect to have more information from the SBA today or Monday, and as soon as they do, I will post an update video letting everyone know, so make sure you are subscribed.
Until then, check out my previous video telling you what paperwork you should get ready for the SBA NOW before they open the portal; that way, you are prepared and can submit as soon as they open the portal https://youtu.be/65FKzImtJNc
- or my video from yesterday talking about another SBA loan program with a grant of over $50k for all eligible businesses so go apply for that while you wait on EIDL.
⚠️ ⚠️ ⚖️⚖️ I am not a lawyer, CPA, tax advisor, realtor, financial advisor, etc., I have absolutely no licenses/certifications in anything related to these industries, I am just a dude on the internet. So, in full disclosure: the information I provide here is for “entertainment purposes only!” You should seek counsel from competent and certified individuals if you have questions. I may receive commissions when you use my affiliate links. stimulus check update eidl grant update