The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. Retire Rich in 9 Years Starting with $0. If you’re a sole proprietor, take 3 minutes to understand how the EIDL works for you. While an EIDL business loan can be for as much as $2 million (usually) and must be repaid, the EIDL advance is for up to $10,000 and completely forgivable, making it a grant. Press J to jump to the feed. I'm celebrating. 1. Separately, you may also be offered a loan, which you can either accept or decline. The Act also replenishes the EIDL Advance fund, which allows businesses suffering a substantial economic injury to apply for an advance that does … Thanks yall. Posted by 26 days ago. I am offered a $3000 loan that I don't want to accept, I only want the $1000 grant. The CARES Act SBA EIDL program is currently closed, and is not accepting new applications. Hi, Per the portal, both Verify Identity and Electronic Disbursement are marked as Completed. 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. ... Not trying to be an ass, but if you search Chime under the EIDL sub, there's multiple screen shots of emails from chime to alert people that a 1k deposit has arrived/is arriving soon. $1000-$10,000 EIDL Grant is Back - Everything You MUST Know - Duration: 13:59. My friend got her $10,000 deposited on Tuesday night at 8:30 pm and she did her application on Monday. I had to use a regular account but it's out of state so they might not take it either idfk. Not sure about reapplying but it's worth a shot. 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. The SBA was instructed under the CARES Act to distribute "up to" $10,000 to all valid applicants as an EIDL GRANT, regardless of whether or not the business is approved for a loan or not, regardless if the amount of said loan is less than $10,000. EIDL Grant Notes. In the new legislation these are called "EIDL Grants". So, if you have more than 10 employees working for you, the maximum amount you can receive is $10,000. Yea, that's all they say is wait.. my friend got his 1000$ 3 days after they sent the main "your application is processing" email...he didn't even get a loan portal email or anything. I use Green Dot Bank which is a online bank and I have had no issue with getting the loan sent to it. Portal and $1000 SBA loan pre-approved 6/14. $10,000 is simply the maximum you could possibly receive. Where are y’all getting this information that grants stopped because that doesn’t seem to be the case. Not to mention, what about the national banks? We covered many of the ways drivers can get free money right now, including from the $1,200 per adult stimulus check, unemployment, and more.. One other option you have is the Economic Injury Disaster Loan (EIDL) $10,000 Grant which is designed to help small businesses get through this unprecedented financial challenge. This is not a flat $10,000 grant to all applicants. Small businesses and agricultural businesses also may apply for the grant, equal to $1,000 per employee of the business up to a maximum of … From what I understand, SBA can only tell corroborate the information with you. Secondly- the grant program has stopped. “Bank information has NOTHING to do with EIDL grant, SBA would never know the difference” Well ladies and gentlemen I finally got my EIDL grant. I did the same but no grant money just an email to make a portal account. All I gotta say is fill your application out correctly double check the information on every thing. It also expanded EIDL eligibility for certain businesses and organizations, and it established an Emergency EIDL Grant program as part of the The CARES Act EIDL $10,000 grants are different than the normally-available SBA EIDL loans. 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. How the grant works Under the EIDL program, those who apply for a loan can also request an advance of up to $1,000 per employee for up to 10 employees, and those grants … Literally just had them tell me they wouldnt deposit to chime or any o line bank like metabank etc. Administration’s (SBA) Economic Injury Disaster Loans (EIDL) in the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 (P.L. Here is the timeline: March 31: applied for EIDL program (with application number 544xxx) April 19: SBA pulled my personal credit report There are two parts to the EIDL: A $1,000 grant called an “advance” and a loan request. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. ... First off- it’s a $1,000 PER EMPLOYEE grant. As a reminder, one of the more interesting components to the EIDL loan request is that between $1,000 and $10,000 is given as a grant, which is essentially free money for any business affected by coronavirus with an easy application. Lawmakers added another $10 billion in grant money and $50 billion in actual EIDL loan dollars during April’s House Resolution 266. Cookies help us deliver our Services. I do hope you receive your grant soon. What are the chances with the new bill to get the remaining $9,000 grant? Best of luck! I don’t think they tell you if the bank was verified for the advance, since it’s a different company doing the advances. The same state doesn't matter... many of us live in bordering states with our business in one state and bank in another state and have received both the loan and grant. 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). EIDL Grant Eligibility. 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? EIDL … I am so happy I got it however that’s all I want. Speak to your state representative. ... help Reddit App Reddit coins Reddit premium Reddit gifts. This may be completely fabricated, but it may be true. One thing you have to keep in mind: If you receive both the Paycheck Protection Program loan and you get the $1,000 EIDL grant, $1,000 of your Paycheck Protection Program would not be forgiven. 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 … And BAM SBA REALLY came thru for me. Same boat, did mine 6/12, called yesterday Tier 2 said all looks ok just have to wait........at this point I feel like they are jerking me off.....I applied 3/31. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. Did they get approved for the loan portion? Chime works just fine! I'd reapply if you applied before june 15th, New comments cannot be posted and votes cannot be cast. So I would not put it in as a income account. All info correct. Who knows, I do know I've used bluebird for a checking account for over 7 years now and was unable to receive an ACH credit, makes no sense to me but who fn knows at this point. Looks like you're using new Reddit on an old browser. It will show up on my P&L as a negative expense. EIDL Advance was a grant program offered together with the economic injury loan program. Note: If you’re a sole proprietor, you are only eligible for $1,000. Our bank doesn't even have any branches in our state (even though it is only 8 miles away). This has the language for the EIDL Grant (v2) in it. Business owners are noting that they got an advance deposit within hours … I’m applying right now but I’m not sure if I’m doing it right. You Didn't Receive An Original EIDL Grant. The grant is meant to pay certain expenses, but the grant is not taxable income. Check the box. I know someone who received an advance today. Not a $10,000 grant for every applicant. The Cares Act provided for $10,000 (exactly) to be paid to each bsuiness who applied during a … The SBA was instructed under the CARES Act to distribute "up to" $10,000 to all valid applicants as an EIDL GRANT, regardless of whether or not the business is approved for a loan or not, regardless if the amount of said loan is less than $10,000. I received $1,000 plus a loan. ... help Reddit App Reddit coins Reddit premium Reddit gifts. Recent guidance from the Small Business Administration suggests that the ‘up to $10,000’ EIDL grants for small businesses with be $1,000 per employee, maxing out at $10,000 for businesses with 10 employees. 13:59. 6/16 reconsideration for advance email received, fixed bank info. So you can only receive the loan. The Small Business Administration allows $1,000 per employee up to 10 employees. Can I reapply? Go to YouTube https://youtu.be/Hq9BJjbvN5E. Press question mark to learn the rest of the keyboard shortcuts. The $10,000 EIDL advance, or emergency grant, must be applied for during the application process. I also am getting a small EIDL grant. Yes you can use chime. That really ends up making the $1,000 grant useless. It actually becomes a loan, but paid back to your Paycheck Protection Program loan payment. Worth noting: Businesses that applied for an EIDL— even earlier in 2020– and meet the qualifications may receive the full $10,000 grant (minus any amount already received) even if their EIDL applications were not approved. I MIGHT BE COMPLETELY WRONG BUT THIS IS INFORMATION GATHERED FROM OTHER POSTS. I don’t care about the EIDL Loan and let’s say I did get declined due to credit. I … The SBA didn’t … Checked my account after 2 am june 30th . I think they are trying to combat all the fraudulent claims, so where early on the were sending the grants immediately, They are now being really careful. I plan to create a special miscellaneous expense account for the grant and enter it as a negative amount. - Duration: 18:40. Key Points The EIDL Advance program, created by the CARES Act, offered up to $10,000 in emergency grants to small businesses. If you do not check this box, your business will not be considered. 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. SBA dont disburse to those accounts. Called SBA to confirm. Same here, nothing yet after updating bank info. To be eligible for EIDL Grant, you must have less than 500 employees. Can you share the steps? 20. I just wish this could have ran more smoothly. Press question mark to learn the rest of the keyboard shortcuts. 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 did not check the 10k checkbox the first time. The Advance will provide $1,000 per employee up to a maximum of $10,000. No $1000 grand money advance yet. 116-123). I was told by a tier 2 yesterday that the bank information has to tally with your name and it must be in the same state as the business, no online banks such as Cash App and chime would work. ... help Reddit App Reddit coins Reddit premium Reddit … I wish everyone luck, American needs it. I am a Sole Proprietor and I got a $3000 advance still waiting on my EIDL loan to process. Update April 21: Even though I put 0 employees, I got $1000 from the SBA EIDL program! 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. That is entirely stupid because if it is an fdic insured account it's just like any other bank account. Still no $1000 grant advance.... Close. It was called an emergency grant advance and the money would be distributed in 3 days and because it was based on your word, your self certification they issued it as a grant. EIDL Grant stems from an EIDL Grant Application process approved by the Cares Act. Not trying to be an ass, but if you search Chime under the EIDL sub, there's multiple screen shots of emails from chime to alert people that a 1k deposit has arrived/is arriving soon. Since then SBA has been under fire by Congress from digressing. By using our Services or clicking I agree, you agree to our use of cookies. This means that when you fill out the initial loan application, you must check the box that requests for your business to be considered for the $10,000 grant. I was applying for the EIDL loan and there was no check box for the advance. EIDL GRANT UPDATE : Get YOUR $1,000 because the SBA opened it up AGAIN. Any updates on the EIDL emergency grant will be posted here and the post will be updated regularly. 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