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UPDATE EIDL GRANT IS BACK! Loan Amounts Have Increased

LemonShark

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Targeted EIDL Advance
COVID-19 Targeted EIDL Advance was signed into law on December 27, 2020, as part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. The Targeted EIDL Advance provides businesses located in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency.

Advance funds of up to $10,000 will be available to applicants located in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.

Applicants do not need to take any action at this time.
SBA will reach out to those who qualify.

SBA will first reach out to EIDL applications that already received a partial EIDL Advance (i.e. between $1,000 - $9,000). Applicants will be contacted directly by SBA via email in the coming weeks with instructions to determine eligibility and submit documentation.

All communications from SBA will be sent from an official government email with an @sba.gov ending. Please do not send sensitive information via email to any address that does not end in @sba.gov.

Applicants may qualify if they:

  • Are located in a low-income community. The definition of a “low-income community” is defined in section 45D(e) of the Internal Revenue Code. Note that the applicant must be located in a low-income community in order to qualify. Additional details on how SBA will identify low-income communities will be available soon on www.sba.gov/coronavirusrelief; AND
  • Can demonstrate more than 30% reduction in revenue during an 8-week period beginning on March 2, 2020, or later. If an applicant meets the low-income community criteria, they will be asked to provide gross monthly revenue (all forms of combined monthly earnings received, such as profits or salaries) to confirm the 30% reduction.
Next, SBA will reach out to those who applied for EIDL assistance on or before December 27, 2020, but did not receive an EIDL Advance due to lack of program funding. These applicants will receive an email from SBA with instructions to determine eligibility and submit documentation. Applicants may qualify for a Targeted EIDL Advance if they meet the above criteria (low-income location and reduction in revenue) AND:

  • Have 300 or fewer employees. Business entities normally eligible for the EIDL program are eligible, including sole proprietors, independent contractors, and private, nonprofit organizations. Agricultural enterprises are not eligible.
All applicants may be asked to provide an IRS Form 4506-T to allow SBA to request tax return information on the applicant's behalf.

Please do not submit duplicate COVID-19 EIDL applications. Only prior applicants will be considered for the Targeted EIDL Advance.

SBA will reach out to you if you qualify!
 

~Wildflower~

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They just sent me a "decline" letter tonight for the loan portion, which I declined MONTHS AGO. But I want to make sure these mofos also contact me for the remainder of my grant ($9,000).

Thnx for posting!
 

LemonShark

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They just sent me a "decline" letter tonight for the loan portion, which I declined MONTHS AGO. But I want to make sure these mofos also contact me for the remainder of my grant ($9,000).

Thnx for posting!

You're welcome! We all deserve the help Congress promised! Full 10k, no excuses.
 

Fake Francie

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They just sent me a "decline" letter tonight for the loan portion, which I declined MONTHS AGO. But I want to make sure these mofos also contact me for the remainder of my grant ($9,000).

Thnx for posting!

I second the $9K! They haven't sent me anything yet.
 
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Great info OP! So would the remainder of the 10k be allocated by grant or loan?
 

Delebe

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It’s frustrating that they keep interpreting that 10k however they want to. First it was 10k for all businesses, then it was per employee and now it’s if you’re located in a low income area per their rules. A lot of businesses could use that grant that are not located in low income areas. Moderate income area on those grids is a stimulus check away from low income.
 

LemonShark

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It’s frustrating that they keep interpreting that 10k however they want to. First it was 10k for all businesses, then it was per employee and now it’s if you’re located in a low income area per their rules. A lot of businesses could use that grant that are not located in low income areas. Moderate income area on those grids is a stimulus check away from low income.

Head's up,there's a lawsuit threatened if they don't remove that stipulation. The current SBA head did not insert that language so Congress is the only thing in the way of everyone getting the money promised. It looks like we will get notification by Feb 15 and the grant comes before the loan. We just need 4506T.
Also there is a provision that says we can get 6 months operating capital. THAT'S the one we want to watch for. By Summer we can be made whole or close to whole based on that! I believe it will not go by line 31 of Schedule C but by pure gross receipts!
 
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So, I see they’re increasing the EIDL COVID-related business loan amount from $150,000 max to $500,000 max. Those who received a loan last year can get even more funds now.


In other words, more money for small business owners to spend lavishly and live high on a hog.

Are they going to audit any of this sh!t (aka arrest my in-laws)?!!! I’m sick of watching people use business loans to purchase houses, boats, luxury cars, jewelry, and clothes. :cautious:
 
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tt00

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You know they going to audit. It may not be when they apply but it will come a few months later after they get it.

Govt been catching up with folks all over the place
 
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You know they going to audit. It may not be when they apply but it will come a few months later after they get it.

Govt been catching up with folks all over the place

Seems to me they’re only catching up with the ones who stole millions. There are way more stealing thousands and hundreds of thousands.
 

TwerkNJerk

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I received the remainder of the EIDL loan yesterday!! So the money IS coming my people!
 

Crown Royal

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I was trying to do this application for my dad and couldn't figure out the expenses portion they needed. My dad didn't have the documents and we're in 2 different states. Did anyone else have issues similar to this?
 

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