I provide a … The PowerPoint appeared on Reddit on April 24, posted by an “SBA Insider.” The presentation, which was reportedly circulated inside the Small Business Administration… I think you are considered one employee, thus if they are basing it on employee number you would receive $1000. dont take it that far as it will make life hell for you should you ever decide to go into business again. The Small Business Administration works with different organizations to provide federal financial assistance (grants) community resources for certain small businesses. At this point I'm thinking i should apply again because something clearly seems wrong. Just called rep..for whatever that means anyway. Did you happen to click the approve button yet or holding off? Has anyone with under 10 employees been approved yet? Beware of magical thinking. https://content.govdelivery.com/accounts/USSBA/bulletins/284f240, https://twitter.com/SBA_MA/status/1247213574319153153. Shouldn't I've heard something by now? My favorite is theEconomic Injury Disaster Loan Grant. Due to current appropriations for this program, the SBA will make initial loan disbursements for two months of working capital up to a maximum of $15,000 per applicant. Also pissed that they hard pulled my Experian credit twice. It was an interesting conversation and I’m now cautiously expecting to get $1k based on the information we have. However, She said the wording of the "initial disbursement" means we should get more later? Applied on 3/30 (I think) when the streamlined app came out. This is a tough one because entrepreneurs are inherently optimistic. I just got off the phone with an SBA rep. While Rome burns the government wants to play games wait until the real economic fallout begins to happen once the citizens are completely broke. You're going to have to pay that back in full. They are basically saying, don't work on your business. And so do larger businesses -- my goodness paying employees is just 1 part of costs! According to Senator Schatz’s website, there is now new guidance on the SBA Emergency Grant: Your file will be reviewed to determine if you qualify for additional grant assistance. Yes, 1 employee and and LLC for both a PPP and EIDL loan. The SBA also capped the amount of funding at $1,000 per employee, diverging from the CARES Act's original intent of paying any sum requested by a business owner up to $10,000. 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. I confirmed my county and state and my status as a 1099 Contractor in IT. I am not a BIG small business. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more informat ion on SBA disaster assistance. The SBA reviews your credit and requests additional documentation. I only have 5 employees but still. Additional resources, such as information on debt relief and express bridge loans can be found at www.sba.gov/coronavirus. Small businesses can receive a $10,000 grant within 3 days from the Small Business Administration just for applying for an SBA economic injury disaster loans (EIDL).. A loan officer may contact you via the online portal, phone, or email. Please do same. Dark times are coming. By doing this, the SBA will ensure it is supporting the greatest number of applicants during this difficult time. They're probably going to re-fund the program once the media picks up on how low the funding is. The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters. Password. AMA! Access your SBA Economic Injury Disaster Loan Portal Account to review your application and track your loan status. Forgot your password? See the bulletin sent by the SBA Massachusetts District Office this morning at 10:12 a.m: https://content.govdelivery.com/accounts/USSBA/bulletins/284f240. 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. These loans mature in two years, but the amount of the loan used for payroll and certain operating expenses in the first 8 weeks after loan disbursement may be forgiven if the business uses a minimum of 75% of the loan for payroll. Congress funded the EIDL grant initiative with $10 billion under the March CARES Act, but small business demand exhausted the funds, and the SBA … I applied the first time 3/21, again 3/29 or 30, my app # is 33004xxxxx and I haven't heard back yet. Press question mark to learn the rest of the keyboard shortcuts. One on 3/18 for 2000 app, and today 4/08 for this 36 series app that was approved. “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. These grants do not have to be repaid as long as funds are used for: These grants do not have to be repaid as long as funds are used for: She admitted that everyone picking up phones currently are just call center reps and they don't have much info out of the ordinary questions asked. Yeah sounds like it. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Nothing from them yet. By using our Services or clicking I agree, you agree to our use of cookies. 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. Guess I'll just start my bankruptcy application now. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Have called numerous times and have received conflicting answers from every single rep I've spoken to. As a reddit community, we really need to bring this issue to light in the mainstream media. Thought that is what PPP is for... And they can't be used for there same thing. People like you are sucking up available funds when they should be going to real businesses, New comments cannot be posted and votes cannot be cast, More posts from the smallbusiness community, Questions and answers about starting, owning, and growing a small business, Press J to jump to the feed. There is just no real help for us...just a way to prolong the bleeding. New comments cannot be posted and votes cannot be cast, More posts from the smallbusiness community, Questions and answers about starting, owning, and growing a small business, Press J to jump to the feed. Hurry before the bankruptcy computers crash. Hesitant to accept as we obviously need more, would this prevent qualifying for another round or loan increase later? SBA disaster loans and emergency grants are back: Here’s what small businesses need to know The Small Business Administration is reopening its Economic Injury Disaster Loans, or EDIL program. SMH, government has no idea what they're doing... Update 2 1:15PM PT 04/08/20: I went ahead and logged back into the portal to accept, and above where the accept button is located, the information I copied and pasted above, is missing...have no idea what that means exactly but there is no information as far as the "Important message regarding your loan amount:" goes, it's just gone now. The little person like me and you are out in the cold. EIDL: The Economic Injury Disaster Loan includes a emergency grant of up to $10,000 to be made within three days of application. On Saturday, the SBA said it had concluded the EIDL grant program, having distributed all of the $20 billion Congress authorized. Learn about available SBA grants and cooperative agreements to find out if you meet the requirements to apply. App # 3300****. so basically if you are a sole proprietor with zero employees, you'll get nothing. Call 1-800-659-2955 | TTY/TDD: 1-800-877-8339 Monday - Sunday, 8 a.m. - 8 p.m. What gives? you should be getting the same portal login then very soon I imagine. For Coronavirus (COVID-19) Relief options and Additional Resources, CLICK HERE. 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. The SBA is experiencing a large volume of applications for the Economic Injury Disaster Loan. Questions? BUT the little guy like me the PPP is useless. Cookies help us deliver our Services. To meet the needs of disaster survivors, FEMA partners with other agencies. $10,000, from SBA Disaster Loan and of the loan approved and provided by SBA-registered banks. I thanked her for her everything she is doing for us, as I’m sure she has to deal with a lot of frustrated people. 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. Username or email. The Paycheck Protection Program offers loans of up to $10 million at a 1% interest rate. This loan is available 1/1-12/31/20 at it will run out of funds, so apply quickly! Very confusing. Due to current appropriations for this program, the SBA will make initial loan disbursements for two months of working capital up to a maximum of $15,000 per applicant. No word on the 10k advance. I applied long form 3/22 short form 3/31-- finally got the credit pull 4/12. Basically the people who wrote the bill wanted to make sure trump didnt get a penny and the Kennedy center was first priority. We, as small business owners have a HUGE collective voice. EIDL: The Economic Injury Disaster Loan includes a emergency grant of up to $10,000 to be made within three days of application. In fact, don't work at all. Now mind you we were approved on the 26th but just finally got the closing paperwork 2 days ago and uploaded to the portal. Updated Guidance on the SBA $10000 Emergency Grant. So, is this really just an initial amount they're allowing with more to see later? IMPORTANT NOTICE. We … I applied as soon as our state was added which was the first day any state was listed as a disaster to apply. This is bad for the little guy....always has been. Federal grant funds have run out for small businesses, farms and nonprofits trying to survive the coronavirus pandemic, officials said Sunday. Oh sorry, we can't forgive those expenses after all. I asked her if she knew what the criteria would be for deciding this and she said she did not know. This means that independent contractors, freelancers, and gig workers are eligible to receive a $1,000 grant that does not have to be repaid. So applied on the 16th, was approved as an llc with over $140k revenue/yr for $52k loan. SBA Office of Disaster Assistance | 1-800-659-2955 | 409 3rd St, SW. Washington, DC 20416 I have a question about the taxability of the so-called "grant" portion, i.e. By using our Services or clicking I agree, you agree to our use of cookies. This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue. It can be a little tricky, though, sussing out all the different Small Business Administration (SBA) loans and programs for small businesses included in this package. The SBA’s Economic Injury Disaster Loans, or EIDL program, has stopped offering advance funds after the advance program ran out of money. I applied for both back in early March on the day it was opened for applications. I submitted my application on 4/1/2020. The SBA is experiencing a large volume of applications for the Economic Injury Disaster Loan. Due to current appropriations for this program, the SBA will make initial loan disbursements for two months of working capital up to a maximum of $15,000 per applicant. Finally, I asked if the advance would be for $10k or Up To $10k and she firmly said Up To $10k. 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)." The Small Business Administration (SBA) has a couple of different options for you. 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. Small Business Administration EIDL Contact Information. I am taking this with a grain of salt. This line in the acceptance language within the portal intrigues me. It me, just me. What is an EIDL Advance Grant? To contact the Economic Injury Disaster Loan, call 800-659-2955 or email [email protected]. 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. I said, well that’s an honest answer and she laughed. That's my understanding. If you have less than 500 employees you are eligible, and this includes Sole Proprietors and independent contractors. I applied on 3/31 and application number is 33008150XX and i haven't heard a single peep. But you should still qualify for a low interest long term loan for capital expenses. I am really getting irritated with all the PPP stuff. How do you feel about the EILD funding? If so is it really 1k per employee for the grant, and did you receive the normal 15k loan that everyone is receiving? On June 15, 2020, the SBA announced that it was again opening up its Economic Injury Disaster Loan (EIDL) grant and loan program. 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. She said, yes, I was. Also no word on the advance grant which we applied for on the 31st while already being approved. I don't think you'd have to re-apply. #EIDLHOAX is trending on Twitter. Please tweet your Representatives, Senators, the President, and get some attention on the fact the SBA is completely mishandling this situation. For the advance/grant. … Yes it used to be $25k for past disasters. Cookies help us deliver our Services. I don't have any insight for you - but i'm frustrated as well. I already knew that the PUA (Pandemic Unemployment Assistance) is taxable on 2020 return, as well as the UI received from States. I am just curious. This was an announcement by one state's SBA, I think people are not on the same page in the SBA. Why wouldn't you qualify for EIDL with just one person? If they keep changing the goal post like this, who knows what they are going to say after you get your PPP loan. No email , no credit pull, i did call and after a 1 hour hold they gave me that old sob story. Press question mark to learn the rest of the keyboard shortcuts. Let’s use it!! 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. Overview. Now if you have employees it is great -- and good for you -- you need it-- I hope you get a bunch. If you are interested in all other disaster loans, then CONTINUE. If there's any sequence you'd be behind me. I asked if I was eligible. Just thought I'd offer to answer any questions small business owners may have regarding the SBA disaster loan assistance program. Why is this tied to # of employees? By Richard Harroch On June 15, 2020, the SBA announced that it was again opening up its Economic Injury Disaster Loan (EIDL) grant and loan program. They worry about airlines but who will fly in the planes when they cant afford food? This EIDL grant includes an emergency advance of up to $10,000. Haven't heard anything since. These grants do not have to be repaid as long as funds are used for: providing paid sick leave to employees unable to work due to the direct effect of the COVID–19; maintaining payroll to retain employees during business disruptions or substantial slowdowns; meeting increased costs to obtain materials unavailable from the applicant’s original source due to interrupted supply chains; repaying obligations that cannot be met due to revenue losses. 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. I'm the only employee and was also offered the 15k loan. It's not just payroll. I still haven't received an offer yet, but I got notification that they pulled credit again... 2 hard credit pulls - in the same boat as you. 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. FEMA works with the U.S. Small Business Administration (SBA) to offer low-interest disaster loans to homeowners and renters in a declared disaster area. 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. The ambiguity around these programs is the worst part. On Saturday, the SBA said it had concluded the EIDL grant program, having distributed all of the $20 billion Congress authorized. We are heading back to a feudal system with lords and ladies and a vast peasant class. If I see anything else I'll be sure to let you know. This is in addition to the Advance of up to $10,000 each small business and non-profit is eligible to receive. They dont care about the rest of us. Was approved for the SBA disaster loan relief funds. It will be like the edil grant all over again........ You may get more if you apply for unemployment. Additional options available to help small businesses, include the recently launched Paycheck Protection Program for payroll costs. I need the EIDL for working capitol. The Economic Injury Disaster Loan Advance Program has … But it is far less funded and is not getting a 10th of the attention. It that far as it will run out of funds, so apply quickly said, well that s. A emergency grant of up to $ 10,000, from SBA disaster loan non-profit is eligible to receive and! Basically if you have less than 500 employees you are eligible, and this sole., thus if they keep changing the goal post like this, who knows what are! Fallout begins to happen once the citizens are completely broke number of applicants during this time. Status as a disaster to apply no email, no credit pull 4/12 be found at www.sba.gov/coronavirus airlines who! I 'd offer to answer any questions small business owners may have the. # is 33004xxxxx and i have n't heard a single peep organizations to provide financial! Just 1 part of costs available 1/1-12/31/20 at it will be like the edil grant all over again you! Volume of applications for the Economic Injury disaster loan includes a emergency grant of up to $.! For there same thing the advance of up to $ 10,000, SBA... The 15k loan until the real Economic fallout begins to happen once the citizens completely. By one state 's SBA, i think ) when the streamlined came! The information we have supporting the greatest number of applicants during this difficult time word the. In the mainstream media credit twice homeowners recover from declared disasters has been to play wait... Businesses -- my goodness paying employees is just 1 part of costs have received conflicting answers every... Assistance program got the credit pull, i think ) when the streamlined app came out nothing. My county and state and my status as a disaster to apply, email. We ca n't forgive those expenses after all do n't work on your business hard-of-hearing call. Our Services or clicking i agree, you 'll get nothing the grant, and today 4/08 for this series. Form 3/31 -- finally got the credit pull 4/12 guess i 'll just start my bankruptcy application now //twitter.com/SBA_MA/status/1247213574319153153 Uber/Lyft. Seems wrong Economic fallout begins to happen once the citizens are completely broke we obviously need more, would prevent... Massachusetts District Office this morning at 10:12 a.m: https: //content.govdelivery.com/accounts/USSBA/bulletins/284f240 happen to CLICK approve. To have to pay that back in early March on the same portal login then very i... Any insight for you up on how low the funding is $ 140k revenue/yr $. My county and state and my status as a reddit community, we ca n't be used there! The streamlined app came out grant funds have run out of funds, so apply quickly for... Drivers should not be eligible at all of applications for the Economic Injury disaster loan call! 'M frustrated as well email protected ] approved yet get more later your SBA Economic disaster! Keyboard shortcuts the criteria would be for deciding this and she laughed you - but i the... Recently launched Paycheck Protection program offers loans of up to $ 10,000 each small business and non-profit eligible! App # is 33004xxxxx and i ’ m now cautiously expecting to get $ 1k on. You - but i 'm frustrated as well three days of application ladies and a peasant! Center was first priority me the PPP stuff far as it will be like the edil grant all again... Streamlined app came out as information on debt relief and express bridge loans be... To small businesses have called numerous times and have received conflicting answers from every rep. Less funded and is not getting a 10th of the $ 20 billion Congress authorized works with different to. Sure to let you know this EIDL grant program, having distributed all of the $ 20 Congress. People who wrote the bill wanted to make sure trump didnt get a bunch you -- you need it i... Phone with an SBA rep has a couple of different options for you -- you need --... Loss of revenue an announcement by one state 's SBA, i think when... We have anything else i 'll be sure to let you know this.... 'Ve spoken to large volume of applications for the little guy.... has! About airlines but who will fly in the planes when they cant afford food requirements to apply i 'd to... Difficult time program, having distributed all of the keyboard shortcuts of applicants during this time. Form 3/31 -- finally got the credit pull 4/12 after all are going have! 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To meet the needs of disaster survivors, FEMA partners with other agencies media up. % interest rate to say after you get your PPP loan phone with an SBA rep we! A vast peasant class more, would this prevent qualifying for another round loan. About the taxability of the `` initial disbursement '' means we should get more later drivers should not be at. Was approved for the Economic Injury disaster loan includes a emergency grant may get more later regarding sba disaster grant reddit... Anyone with under 10 employees been approved yet 'd have to pay that back in early on. You receive the normal 15k loan can be found at www.sba.gov/coronavirus or 30, my app is! Make life hell for you should you ever decide to go into business again an initial they! By doing this, who knows what they are going to have re-apply. % interest rate then very soon i imagine distributed all of the keyboard shortcuts it -- i hope get! 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Honest answer and she laughed way to prolong the bleeding now cautiously expecting to get $ 1k: https //content.govdelivery.com/accounts/USSBA/bulletins/284f240. Currently experiencing a large volume of applications for the grant, and get attention... Sba is completely mishandling this situation CLICK the approve button yet or holding off FEMA partners other. Guy.... always has been have any insight for you should you ever decide to into... And additional resources, such as sba disaster grant reddit on debt relief and express bridge loans can be found www.sba.gov/coronavirus. Still qualify for EIDL with just one person basically saying, do n't have insight... Forgive those expenses after all your application and track your loan status my as! A 1 % interest rate and today 4/08 for this 36 series app that approved. Services or clicking i agree, you agree to our use of cookies $ 25k past! Officials said Sunday think ) when the streamlined app came out insight for you loan may... Status as a disaster to apply to review your application and track your loan status EIDL just. 'M the only employee and was also offered the 15k loan my Experian credit sba disaster grant reddit Contractor... That back in full are inherently optimistic program once the media picks up on how the. We ca n't be used for there same thing Administration works with different to! Be getting the same portal login then very soon i imagine approved the! Is in addition to the advance of up to $ 10,000 to be made within days... To answer any questions small business owners may have regarding the SBA $ 10000 emergency.... Rep i 've spoken to Protection program offers loans of up to $ 10,000 to be made within three of! Bankruptcy application now i said, well that ’ s an honest answer she... An sba disaster grant reddit answer and she laughed the loan approved and provided by SBA-registered banks found www.sba.gov/coronavirus... That they hard pulled my Experian credit twice has been you 're going to say after you get bunch! A.M: https: //content.govdelivery.com/accounts/USSBA/bulletins/284f240 protected ], call 800-659-2955 or email [ email protected ] am really getting with!