Emergency Grant of up to 10k for small businesses

Vandy321

Senior Member
Joined
Feb 5, 2019
Messages
833
Location
CO
So you read all 880 pages of the CARES bill? I didn't. I posted about the 10k grant thinking it might be helpful to some of the members here. You posted multiple times to try to prove me wrong. What does that say about each of us?
I did actually...pertains to my career field. Reading is hard, I know.

I corrected you multiple times to ensure that the folks who may need/want more than just grants to keep their business alive, had the complete picture.
 
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fmyth

Senior Member
Joined
Mar 14, 2019
Messages
251
Location
Arizona
Hey @fmyth thanks for posting this. I had already applied as of yesterday, but you did a good thing for the Rokslide community. As for the critic, just ignore him. Nobody would think that what you posted is the final and complete information. Some people just gotta be "that guy"...
Thanks. I hope you get the 10k. Many of my clients have applied and received it. They are almost all independent contractors and are hurting.
 

UtahJimmy

Senior Member
Joined
Jul 6, 2016
Messages
560
Location
SLC, UT
Agreed, thank you @fmyth for supplying the information so everyone can be informed. I think the confusion may lie with the fact that 10k is just an advance on the entire loan value requested. So it's available within 3 days to keep you in business, then the rest of your loan will be processed and then distributed.

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UtahJimmy

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Jul 6, 2016
Messages
560
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SLC, UT
Any small business owners who applied for the 10k actually receive it? My FIL is still waiting after being promised the 3 day wait. Been 10 days so far...

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fmyth

Senior Member
Joined
Mar 14, 2019
Messages
251
Location
Arizona
I received this email one week after I applied:

Thank you for reaching out to the U.S. Small Business Administration Disaster Assistance Customer Service Center. If you are attempting to submit an application for an Economic Injury Disaster Loan as a result of COVID-19, please visit our new streamlined application page and apply at https://covid19relief.sba.gov/.


If you have any additional questions, please feel free to reach back out to us via email, or call our Customer Service Center at (800) 659-2955. Individuals who are deaf or hard of hearing may call (800) 877-8339.


Thank you in advance for your patience,


SBA’s Disaster Assistance Customer Service Center
 
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fmyth

Senior Member
Joined
Mar 14, 2019
Messages
251
Location
Arizona
I received this email one week after I applied:

Thank you for reaching out to the U.S. Small Business Administration Disaster Assistance Customer Service Center. If you are attempting to submit an application for an Economic Injury Disaster Loan as a result of COVID-19, please visit our new streamlined application page and apply at https://covid19relief.sba.gov/.


If you have any additional questions, please feel free to reach back out to us via email, or call our Customer Service Center at (800) 659-2955. Individuals who are deaf or hard of hearing may call (800) 877-8339.


Thank you in advance for your patience,


SBA’s Disaster Assistance Customer Service Center
I called the customer service number above and after navigating through the voice prompt maze got a human on the line. Unfortunately her accent was so bad I had a difficult time understanding here. She basically said she couldn't tell me anything and I should wait patiently. I called back, got someone who spoke English and was told that the only way I would get any status update was to watch my credit report for the SBA to pull my credit. I do know of 2 people that have received their grant, 1 received 2k and one received 10k. Apparently they are now only giving you 1k per employee.
 

mnhoundman

Junior Member
Joined
Sep 19, 2013
Messages
47
I called the customer service number above and after navigating through the voice prompt maze got a human on the line. Unfortunately her accent was so bad I had a difficult time understanding here. She basically said she couldn't tell me anything and I should wait patiently. I called back, got someone who spoke English and was told that the only way I would get any status update was to watch my credit report for the SBA to pull my credit. I do know of 2 people that have received their grant, 1 received 2k and one received 10k. Apparently they are now only giving you 1k per employee.
Haven't gotten anything here! I also heard 1k person employee now
 

Bunkin

Member
Joined
Sep 24, 2014
Messages
53
We have received the PPP loan. We were approved about a week ago Tuesday and the funds were deposited in our account on Friday. Our biggest concern is what the actual forgiveness term specifics will be. Seems broad terms are known, but specifics are not yet...
 

wiiawiwb

Senior Member
Joined
Nov 12, 2016
Messages
427
Location
In the mountains
For those of you who think you're getting $10,000, you are going to be disappointed. If you qualify for the EIDL advance, it appears you will get $1,000 for every employee up to a maximum of $10,000 for ten employees. The sole proprietor is considered an employee for this purpose.
 
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Squirrels

Senior Member
Joined
Dec 29, 2016
Messages
891
My family owns a small restaurant, they employ ten people and have recieved the EIDL as well as the PPP.
 

Akwoodchuck

Senior Member
Joined
Dec 22, 2018
Messages
437
For those of you who think you're getting $10,000, you are going to be disappointed. If you qualify for the EIDL advance, it appears you will get $1,000 for every employee up to a maximum of $10,000 for ten employees. The sole proprietor is considered an employee for this purpose.
Yep...got my EIDL of $1,000 today, along with stimulus payment...sole proprietor, no employees....
 

wiiawiwb

Senior Member
Joined
Nov 12, 2016
Messages
427
Location
In the mountains
We have received the PPP loan. We were approved about a week ago Tuesday and the funds were deposited in our account on Friday. Our biggest concern is what the actual forgiveness term specifics will be. Seems broad terms are known, but specifics are not yet...
Here is an excellent article by Tony Nitti who is a well-respected tax adviser.

https://www.forbes.com/sites/anthonynitti/2020/04/15/ten-things-we-need-to-know-about-paycheck-protection-program-loan-forgiveness/#791430e73291
 
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fmyth

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Mar 14, 2019
Messages
251
Location
Arizona
Literally like the day after they passed the bill, lol....didn't think it took as I got zero response, then boom, just showed up in bank.
Same here. I haven't received either. Just saw on the news that the 350B is gone. I think I'll deduct that 1,000 from my taxes due this year.
 

wiiawiwb

Senior Member
Joined
Nov 12, 2016
Messages
427
Location
In the mountains
If you want to read things for yourself, here you go. This recently-released guidance addresses sole proprietors with and without employees. If you're not familiar with the background issues, the language is confusing and it references authoritative sources which you may not have access to. I'd strongly suggest spending your time reading Tony Nitti's article several times until you can recite it verbatim.

https://home.treasury.gov/system/files/136/Interim-Final-Rule-Additional-Eligibility-Criteria-and-Requirements-for-Certain-Pledges-of-Loans.pdf
 
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fmyth

Senior Member
Joined
Mar 14, 2019
Messages
251
Location
Arizona
I noticed that the SBA pulled my credit on Friday. Interesting that they would do so after they announced they had run out of money budgeted for the EIDL and PPP.
 

Beendare

Senior Member
Joined
May 6, 2014
Messages
4,852
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In Traffic
I submitted my application on day one...kicked out for some BS reason ....and my application is still in process not 100% complete with US bank.They are doing it in phases....and in taking their time left me hung out to dry. I don't think they want these loans and they are dragging me through the mud.

Now the moneys gone....I sure would like to see a full accounting of exactly who got the bulk of all this money.....I have a feeling it will make our stomaches turn when we do.

______
 
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