$1000-$10,000 EIDL Grant is Back - Everything You MUST Know
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We have some huge news regarding the $1000-$10,000 EIDL grant program! This could be looked at as a second stimulus check for anyone with a small business, side hustle, or those doing contracting work.
Everything you need to know about the next stimulus check, the new $2 trillion dollar stimulus bill, and $600 unemployment.
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For several weeks the EIDL grant, that $1,000 to $10,000 grant was only open for agriculture businesses however The grant portal is officially open back up to all small businesses.
And by all small businesses I mean all. The crazy part about this program is there really isn’t a minimum size requirement. Even if you have something like a side gig selling things on Ebay part time or driving Uber part time you can apply for this grant and you will receive $1000
The biggest benefactors of this program are those who have employees. This is because the SBA decided that they would scale the payments to $1000 per employee. So if you have 7 employees you will be eligible for $7,000
The strange part of this program is as of the making of this video there is no proof required to receive the EIDL funds. All you need to do is fill out the 5 minute application, have some kind of small business, and you’ll receive what is basically a $1,000 stimulus check.
Application: https://covid19relief.sba.gov/#/
Guidelines as to what thegrant is supposed to be used for:
-Payroll. Which also counts as earnings if you are self employed or are a 1099 contractor.
-Providing paid sick leave to employees
-Matching increased costs to obtain materials. This one is quite vague. Technically it is supposed to be allocated for increased costs or disruptions in supply chains due to the pandemic however this itself would be tough to prove.
-Rent or mortgage payments
-Other payments that cannot be met due to revenue loss. Again this one is quite vague and could apply to tons of situations.
One could argue that because your ebay sales are down 40%, those earnings would normally allow you to purchase the new computer you need so you now need to use your EIDL grant to pay for it.
Or normally your Uber earnings would allow you to pay for a repair on your car but because rides are down you have to use the $1000 grant to pay for the repairs
EIDL Grant Frequently Asked Questions
Can I receive both the EIDL grant and PUA?
If I mark zero employees will I receive $0?
Can I mark contractors as employees and receive $1000 for them?
Should I unfreeze my credit when applying for the EIDL grant?
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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that the content is error-free.
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