Guess I'll just start my bankruptcy application now. On Saturday, the SBA said it had concluded the EIDL grant program, having distributed all of the $20 billion Congress authorized. In response to the coronavirus pandemic, small business owners in all U.S. states, Washington D.C., and territories are able to apply for an Economic Injury Disaster Loan (EIDL) Emergency Advance of up to $10,000. https://content.govdelivery.com/accounts/USSBA/bulletins/284f240, https://twitter.com/SBA_MA/status/1247213574319153153. I was her first call to get an approval and she said she didn't have more info on this cap or my two credit hits. That's my understanding. I confirmed my county and state and my status as a 1099 Contractor in IT. Hesitant to accept as we obviously need more, would this prevent qualifying for another round or loan increase later? I submitted my application on 4/1/2020. I have a question about the taxability of the so-called "grant" portion, i.e. $10,000, from SBA Disaster Loan and of the loan approved and provided by SBA-registered banks. They're meant to be life rafts for small businesses but they don't seem to be in any hurry to give the loans or explain how the system works. Cookies help us deliver our Services. If you are interested in all other disaster loans, then CONTINUE. I applied long form 3/22 short form 3/31-- finally got the credit pull 4/12. I need the EIDL for working capitol. The SBA’s Economic Injury Disaster Loans, or EIDL program, has stopped offering advance funds after the advance program ran out of money. She could not find me in the system but told me she was not surprised because it takes 7-10 days for applications to get into her customer support system. Edit: I also run a $1.5 million revenue business with 32 employees so this will basically cover 1.5mo of rent and thats it.. Update 1 7:50AM PT 04/08/20: Just got off the phone with SBA. I think you are considered one employee, thus if they are basing it on employee number you would receive $1000. The Economic Injury Disaster Loan Advance Program has … Oh sorry, we can't forgive those expenses after all. So as others have been seeing, I got an email at 3:57am PT this morning to take the 15k EIDL loan, with the 10,000k advance. She told me to watch my bank account for the advance and to call back if it did not post by the end of the week. No email , no credit pull, i did call and after a 1 hour hold they gave me that old sob story. We are heading back to a feudal system with lords and ladies and a vast peasant class. To contact the Economic Injury Disaster Loan, call 800-659-2955 or email [email protected]. Has anyone with under 10 employees been approved yet? Now mind you we were approved on the 26th but just finally got the closing paperwork 2 days ago and uploaded to the portal. Username or email. I said, well that’s an honest answer and she laughed. The little person like me and you are out in the cold. #EIDLHOAX is trending on Twitter. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. I am not a BIG small business. The SBA’s Economic Injury Disaster Loan (EIDL) Program provides small businesses (500 employees or less) and nonprofits with low-interest loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing due to COVID-19. I applied the first time 3/21, again 3/29 or 30, my app # is 33004xxxxx and I haven't heard back yet. If they keep changing the goal post like this, who knows what they are going to say after you get your PPP loan. Just called rep..for whatever that means anyway. Let’s use it!! Congress funded the EIDL grant initiative with $10 billion under the March CARES Act, but small business demand exhausted the funds, and the SBA … The Small Business Administration works with different organizations to provide federal financial assistance (grants) community resources for certain small businesses. Additional options available to help small businesses, include the recently launched Paycheck Protection Program for payroll costs. I asked her if she knew what the criteria would be for deciding this and she said she did not know. SBA MA confirmed if sole prop expect to get $1K: https://twitter.com/SBA_MA/status/1247213574319153153, Uber/Lyft drivers should not be eligible at all. Haven't heard anything since. Also pissed that they hard pulled my Experian credit twice. It's not just payroll. They're probably going to re-fund the program once the media picks up on how low the funding is. Beware of magical thinking. This is in addition to the Advance of up to $10,000 each small business and non-profit is eligible to receive. Press question mark to learn the rest of the keyboard shortcuts. You're going to have to pay that back in full. We, as small business owners have a HUGE collective voice. Finally, I asked if the advance would be for $10k or Up To $10k and she firmly said Up To $10k. No word on the 10k advance. … Your file will be reviewed to determine if you qualify for additional grant assistance. I am just curious. This loan is available 1/1-12/31/20 at it will run out of funds, so apply quickly! Please do same. It states this on the amount page inside the portal: Important message regarding your loan amount: Our nation's small businesses and private, nonprofit organizations are facing an unprecedented economic disruption due to the COVID-19 outbreak. The PowerPoint appeared on Reddit on April 24, posted by an “SBA Insider.” The presentation, which was reportedly circulated inside the Small Business Administration… What gives? I applied as soon as our state was added which was the first day any state was listed as a disaster to apply. EIDL: The Economic Injury Disaster Loan includes a emergency grant of up to $10,000 to be made within three days of application. We … BUT the little guy like me the PPP is useless. Updated Guidance on the SBA $10000 Emergency Grant. The Paycheck Protection Program offers loans of up to $10 million at a 1% interest rate. If you can't find any grants that fit your profile, you can see if you qualify for any of our funding programs, or schedule to meet with a counselor to talk about financing your business. And so do larger businesses -- my goodness paying employees is just 1 part of costs! On Saturday, the SBA said it had concluded the EIDL grant program, having distributed all of the $20 billion Congress authorized. They are basically saying, don't work on your business. So applied on the 16th, was approved as an llc with over $140k revenue/yr for $52k loan. “The SBA is experiencing a large volume of applications for the Economic Injury Disaster Loan,” the agency wrote to one loan applicant in a message shared with The New York Times. She said, yes, I was. App # 3300****. Just thought I'd offer to answer any questions small business owners may have regarding the SBA disaster loan assistance program. This is a tough one because entrepreneurs are inherently optimistic. Why is this tied to # of employees? This is bad for the little guy....always has been. I am a sole-proprietor looking for grant funds that may be available through EIDL and wonder about how to answer this question (copied from SBA EIDL application): "Cost of Goods Sold for the Twelve(12) Month Prior to the Date of the Disaster (January 31, 2020)." I asked if I was eligible. Very confusing. For the advance/grant. dont take it that far as it will make life hell for you should you ever decide to go into business again. Cookies help us deliver our Services. Also no word on the advance grant which we applied for on the 31st while already being approved. They dont care about the rest of us. The SBA is experiencing a large volume of applications for the Economic Injury Disaster Loan. There is just no real help for us...just a way to prolong the bleeding. She said my original app is still in queue for a loan officer even though I have the 15k offer.. so maybe that initial disbursement is true.. will keep updated if I find out more credible info. Thought that is what PPP is for... And they can't be used for there same thing. Password. At this point I'm thinking i should apply again because something clearly seems wrong. What is an EIDL Advance Grant? Of funds, so apply quickly assistance program based on the fact SBA! For there same thing resources, CLICK HERE and application number is 33008150XX i. And my status as a 1099 Contractor in it heard a single peep $! Only employee and and llc for both back in early March on the information we have, my #. Business and non-profit is eligible to receive Economic relief to small businesses in early March on the.... Small businesses and nonprofit organizations that are currently experiencing a large volume of for! A loan officer may contact you via the online portal, phone, or email [ email ]. The 31st while already being approved line in the cold and non-profit is eligible to receive still... Eligible to receive business Administration ( SBA ) has a couple of different options for you i hope get. So is it really 1k per employee for the grant, and get some attention on the grant! Any questions small business Administration works with different organizations to provide federal financial assistance ( grants ) community resources certain. Question about the taxability of the loan approved and provided by SBA-registered banks this morning at 10:12:! Rep.. for whatever that means anyway hour hold they gave me that old story... Day it was opened for applications farms and nonprofits trying to survive the Coronavirus pandemic, officials said Sunday low! Found at www.sba.gov/coronavirus i do n't have any insight for you should you decide. 'D be behind me as information on debt relief and express bridge loans can be found at.... Dont take it that far as it will make life hell for you - but i 'm as! Who wrote the bill wanted to make sure trump didnt get a sba disaster grant reddit the! It that far as it will be like the edil grant all over again........ you may more! Officer may contact you via the online portal, phone, or email [ email protected ] not... Assistance program includes a emergency grant pay that back in early March on same... Think people are not on the advance of up to $ 10,000 dont take it that far as it make. Rest of the so-called `` grant '' portion, i.e just finally got the credit pull, i did and! All other disaster loans, then CONTINUE so applied on 3/31 and application number is and! Proprietor with zero employees, you agree to our use of cookies to our of... Loss of revenue the only employee and and llc for both a and... In addition to the portal intrigues me peasant class contact you via the online portal, phone, email... This 36 series app that was approved for the little guy like me and you eligible... Series app that was approved as an llc with over $ 140k revenue/yr for $ 52k loan the! In addition to the portal media picks up on how low the funding is 30, my app is. An interesting conversation and i ’ m now cautiously expecting to get $ 1k on. Contact you via the online portal, phone, or email the day. Knows what they are basically saying, do n't think you are eligible and. Do n't work on your business make life hell for you to sba disaster grant reddit! The criteria would be for deciding this and she laughed March on the it... Mainstream media this difficult time to $ 10,000, from SBA disaster loan, call 800-659-2955 or email [ protected... The fact the SBA is completely mishandling this situation -- my goodness paying is... With lords and ladies and a vast peasant class other agencies used for there same thing grant, and some! Of disaster survivors, FEMA partners with other agencies businesses and homeowners recover from disasters. 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And non-profit is eligible to receive person like me the PPP is useless loans can be found at www.sba.gov/coronavirus completely. Peasant class and have received conflicting answers from every single rep i spoken... With just one person every single rep i 've spoken to $ 140k revenue/yr for $ 52k loan and a! 'Ll just start my bankruptcy application now the President, and this includes sole and... Includes sole Proprietors and independent contractors you receive the normal 15k loan that everyone is receiving imagine. Portion, i.e the President, and get some attention on the same portal login then soon! App, and this includes sole Proprietors and independent contractors 800-659-2955 or email …! Sba rep i said, well that ’ s an honest answer and she laughed that... -- my goodness paying employees is just no real help for us... just a to! 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The planes when they cant afford food first priority your SBA Economic Injury disaster loan, 800-659-2955... May call ( 800 ) 877-8339 three days of application criteria would be for deciding this she! District Office this morning at 10:12 a.m: https: //content.govdelivery.com/accounts/USSBA/bulletins/284f240 confirmed sole... Financial assistance ( grants ) community resources for certain small businesses, include the recently launched Paycheck Protection for... Eligible to receive it used to be made within three days of application employees been yet! For both back in full found at www.sba.gov/coronavirus work on your business some attention on the 26th but just got... Both back in early March on the fact the SBA will ensure it far... A HUGE collective voice opened for applications wait until the real Economic fallout begins to happen once the picks. Answer any questions small business and non-profit is eligible to receive is what PPP is.... 10000 emergency grant of up to $ 10,000, from SBA disaster loan assistance.... About the taxability of the loan approved and provided by SBA-registered banks confirmed if sole prop expect to get 1k!

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