Emergency Grant of up to 10k for small businesses

[fmyth]

Economic Injury Disaster Loans & Emergency Economic Injury Grants.

These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL).

Yes, even if you are a sole proprietor you are eligible as a small business owner.

To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.

More info here:

https://www.sbc.senate.gov/public/_cache/files/9/7/97ac840c-28b7-4e49-b872-d30a995d8dae/F2CF1DD78E6D6C8C8C3BF58C6D1DDB2B.small-business-owner-s-guide-to-the-cares-act-final-.pdf

Application for grant/loan here:

COVID-19 Economic Injury Disaster Loan | U.S. Small Business Administration

covid19relief.sba.gov

 

[UtahJimmy]

You're missing a couple zeros...

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[fmyth]

You're missing a couple zeros...

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Yeah I wish it was a 100k grant but 10k is better than 0. In 2008 only the big businesses got any aid from the government. A 10k grant that doesn't have to be paid back will help many small business/self employed folks keep the lights on.

 

[UtahJimmy]

Yeah I wish it was a 100k grant but 10k is better than 0. In 2008 only the big businesses got any aid from the government. A 10k grant that doesn't have to be paid back will help many small business/self employed folks keep the lights on.

It's up to $10 million not 10k

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[fmyth]

It's up to $10 million not 10k

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The grant is for up to 10k. There is no $10,000,000 grant for small businesses.

 

[Vandy321]

The grant is for up to 10k and is forgivable. There is no $10,000,000 grant for small businesses. Maybe a 10,000,000 loan but only a 10k grant.

Grant's, by definition are given...they are not forgivable or not. Grant money is like a gift. Loan's however, may or may not be forgivable, as is the $10 loans Utah is referencing small business are eligible for.

 

[JohnnyB]

There are both 10k grants and 10mil loans. The loans are forgivable based on not reducing payroll and overhead for 8 weeks after loan initiation. Loan amount based on payroll, overhead, etc. times 2.5.

The 10k grant application was less than 5 minutes. Supposed to fund in 3 days.

We will see...

 

[Vandy321]

@fmyth Or just tell folks to reach out to a reputable SBA certified lender for the facts, that's the safest bet to avoid misinformation. Not that your information was wrong, it was just complete.

 

[rtaylor]

I'm good with a grant but I don't trust a "forgivable loan".

 

[Rich M]

I lost a business last economic downturn - this would have made a big diff - totally dif circumstances some would say. Yes, a business man vs a politician.

Yet, here it is - handing out $10,000 nacho chips to folks with their own businesses and forgive-able loans. Dang!

My taxes are probably gonna go up and it seems like everyone else is getting freebies.

I do understand the deal - if they give the money to the businesses, they keep the employees paid and off unemployment. This is intended to keep the middle-size companies in business.

 

[fmyth]

@fmyth Or just tell folks to reach out to a reputable SBA certified lender for the facts, that's the safest bet to avoid misinformation. Not that your information was wrong, it was just complete.

The information I posted copied and pasted from the SBA's website. I also posted a link to SBA's website. No need to contact a lender to get the 10k grant.

 

[fmyth]

Economic Injury Disaster Loans & Emergency Economic Injury Grants

These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.

https://www.sbc.senate.gov/public/_cache/files/9/7/97ac840c-28b7-4e49-b872-d30a995d8dae/F2CF1DD78E6D6C8C8C3BF58C6D1DDB2B.small-business-owner-s-guide-to-the-cares-act-final-.pdf

 

[fmyth]

I lost a business last economic downturn - this would have made a big diff - totally dif circumstances some would say. Yes, a business man vs a politician.

Yet, here it is - handing out $10,000 nacho chips to folks with their own businesses and forgive-able loans. Dang!

My taxes are probably gonna go up and it seems like everyone else is getting freebies.

I do understand the deal - if they give the money to the businesses, they keep the employees paid and off unemployment. This is intended to keep the middle-size companies in business.

10k grant is specifically for small businesses and non profits. Copied from the SBA's website:

Economic Injury Disaster Loans & Emergency Economic Injury Grants

These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.

 

[Vandy321]

The information I posted copied and pasted from the SBA's website. I also posted a link to SBA's website. No need to contact a lender to get the 10k grant.

Correct, you just left out the all important $10m in loans...minor details

 

[fmyth]

Correct, you just left out the all important $10m in loans...minor details

You are referring to the Paycheck Protection Program which has loans of up to 10m. I don't know why you keep bringing it up and trying to prove me wrong.

This thread is about the Economic Injury Disaster Loans & Emergency Economic Injury Grants.

I posted the information thinking we might have some small business owners and independent contractors that might be in a tough spot right now and could use a $10k grant. The program I linked do clearly states that the loan limit is 2 million. I've attached a screenshot and a link:

https://www.sbc.senate.gov/public/_cache/files/9/7/97ac840c-28b7-4e49-b872-d30a995d8dae/F2CF1DD78E6D6C8C8C3BF58C6D1DDB2B.small-business-owner-s-guide-to-the-cares-act-final-.pdf

 

[robtattoo]

Thank you for this. My accountant has been in constant contact trying to keep me updated about what I can or can't do to get some help right now.
This is an awesome clarification of what he's been trying to tell me.

 

[Vandy321]

You are referring to the Paycheck Protection Program which has loans of up to 10m. I don't know why you keep bringing it up and trying to prove me wrong.

This thread is about the Economic Injury Disaster Loans & Emergency Economic Injury Grants.

I posted the information thinking we might have some small business owners and independent contractors that might be in a tough spot right now and could use a $10k grant. The program I linked do clearly states that the loan limit is 2 million. I've attached a screenshot and a link:

https://www.sbc.senate.gov/public/_cache/files/9/7/97ac840c-28b7-4e49-b872-d30a995d8dae/F2CF1DD78E6D6C8C8C3BF58C6D1DDB2B.small-business-owner-s-guide-to-the-cares-act-final-.pdf

It's all in the same bill dude...the CARES bill as a whole...not my fault you cant read the entire thing.

Instead, you're providing 1/2 of the story to someone who may think that's all he's got.

But either way if you come to rokslide for financial advice, it's probably best to rethink your entire strategy.

Carry on.

 

[307]

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"...

 

[fmyth]

It's all in the same bill dude...the CARES bill as a whole...not my fault you cant read the entire thing.

Instead, you're providing 1/2 of the story to someone who may think that's all he's got.

But either way if you come to rokslide for financial advice, it's probably best to rethink your entire strategy.

Carry on.

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?

 

[fmyth]

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.