For small business owners who apply for an EIDL advance grant, you will be eligible for up to $10,000. This SBA emergency grant is one of the temporary programs designed to offer financial relief as part of the CARES Act.<\/p>\n
As of June 15, 2020, the SBA is accepting new applications for the EIDL advance grant and loan applications.<\/p>\n
Business owners do not have to be approved for a loan to be eligible for the EIDL grant. And, this loan advance will not have to be repaid \u2013 it\u2019s 100% forgivable.<\/strong> However; it\u2019s important to understand that if you are approved for an EIDL loan, the amount of the loan advance you received will be deducted from the total loan.<\/p>\n If you have suffered financial hardship due to the coronavirus \u2013 there are multiple coronavirus relief options<\/a> offered by the SBA. These programs are designed to assist small businesses struggling from the economic disruptions due to the ongoing pandemic.<\/p>\n The CARES Act (Coronavirus Aid, Relief, and Economic Security) was passed in late March and is the largest economic bill in U.S. history. As one of several temporary programs, the SBA emergency grant provides much-needed help to get business owners back on their feet during these uncertain times. This EIDL grant includes an emergency advance of up to $10,000.<\/p>\n In response to the coronavirus pandemic, small business owners in all U.S. states, Washington D.C., and territories are\u00a0able to apply\u00a0for an Economic Injury Disaster Loan (EIDL) Emergency Advance of up to $10,000.<\/p>\n This advance will provide economic relief to businesses that are currently struggling with a temporary loss of revenue. Funds will be made available upon approval of your application. The good news: This loan advance will not have to be repaid.<\/strong><\/p>\n The EIDL advance grant provides an emergency advance to small businesses that have been harmed by COVID-19. To access the advance, you first apply for an EIDL and request the advance right on the application.<\/p>\n The advance may be used to keep employees on the 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.<\/p>\n The funds to support the SBA programs and loans will continue to go fast, so don\u2019t delay. And, unlike the Payment Protection Program (PPP)<\/a> where you need to work with an SBA-approved lender, the SBA manages the Economic Injury Disaster Loan (EIDL) program directly.<\/p>\n We also provide answers to some of the most common questions around the Economic Injury Disaster Loan.<\/p>\n <\/p>\n There are multiple ways to check the status of your EIDL Loan and Emergency Advance:<\/p>\n <\/p>\n <\/p>\n You can apply for the EIDL grant online on the SBA website. It doesn\u2019t cost anything to apply.<\/p>\n The application can take a few hours to complete. Be sure to check the box to request the EIDL grant before you submit the application. To apply online, submit your COVID-19 EIDL Loan and Advance Application<\/a> now.<\/p>\n On the application, be sure to check the box to be considered for an advance before your loan is finalized.<\/strong> You will need to provide a bank routing number and account number to have the loan advance deposited, upon approval of your application.<\/p>\n <\/p>\n <\/p>\n All businesses who apply for an EIDL loan\u00a0are eligible<\/em>\u00a0to also\u00a0apply<\/em>\u00a0for a fast $10,000\u00a0advance<\/em>\u00a0on their loan.<\/strong> The SBA will determine how much loan advance they will give you, and when they will send the loan advance. If you receive a loan advance, the SBA emergency grant won\u2019t have to be repaid.<\/strong> The loan advance may be $10,000, but it may be less, depending on your business.<\/p>\n When completing your loan application, be sure to check the box to indicate you want to be considered for up to $10,000 in the form of a grant.<\/p>\n <\/p>\n You can use the advance and loan for payroll, fixed debts, accounts payable, and other expenses that you are unable to pay directly due to the COVID-19 impact.<\/p>\n For example:<\/p>\n \u00a0<\/strong><\/p>\n For full details on this advance and loan program, EIDL Emergency Advance<\/a><\/p>\n \u00a0<\/strong><\/p>\n Yes. This loan itself is not forgivable. However; you can qualify for up to $10,000 available as an SBA emergency grant, upon approval. If you receive a loan advance, this grant won\u2019t have to be repaid.<\/strong><\/p>\n <\/p>\n What are the loan terms, fees and interest for the Economic Injury Disaster Loan (EIDL)?<\/strong><\/p>\n These are the terms, fees and interest for this loan:<\/p>\n <\/p>\n Remember, the loan itself is not forgivable. Your\u00a0loan approval documents will specify how loan proceeds can be spent.<\/p>\n \u00a0<\/strong><\/p>\n This program is for any small business with less than 500 employees. This includes sole proprietorships, independent contractors and self-employed, along with private non-profit organization or 501(c) (19) veterans organizations affected by COVID-19.<\/p>\n Eligibility requirements include:<\/p>\n To apply for the COVID-19 Economic Injury Disaster Loan and Advance, submit your application online now: SBA EIDL Loan<\/a><\/p>\n For more information on the temporary programs due to the pandemic, go to Coronavirus Relief Programs<\/a><\/p>\n The SBA also has a hotline to help answer questions 1-800-659-2955, <\/strong>7 days a week from 7:00 a.m. to 9:00 p.m.<\/p>\n <\/p>\n <\/p>\n Disclaimer:<\/em><\/strong><\/p>\n As of publishing date, while the information provided in this article is intended to be accurate, it should not be considered legal advice. These programs are rapidly evolving and we cannot be held responsible for any errors or omissions. Please contact your local bank, SBA and U.S. Treasury websites for updated information.<\/em> You should also consult with your tax, legal or financial advisor to make the right choice for your business.\u00a0<\/em><\/p>\n \u00a0<\/strong><\/p>\n COVID-19 Relief for Small Business <\/a>and Economic Injury Disaster Loan Emergency Advance<\/a> (U.S. Small Business Administration)<\/p>\n","protected":false},"excerpt":{"rendered":" For small business owners who apply for an EIDL advance grant, you will be eligible for up to $10,000. This SBA emergency grant is one of the temporary programs designed to offer financial relief as part of the CARES Act.<\/p>\n","protected":false},"author":7,"featured_media":197073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[159,2],"tags":[135,137,175,62,143],"class_list":["post-198971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-covid-19","category-financial-health","tag-economic-injury-loans","tag-eidl","tag-eidl-advance-grant","tag-featured-post","tag-sba-funding"],"yoast_head":"\nWhat is an EIDL Advance Grant?<\/strong><\/h2>\n
How Do I Check EIDL Advance Status?<\/strong><\/h2>\n
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How do I Apply for the EIDL Grant?<\/strong><\/h2>\n
Who is Eligible for the EIDL Advance Grant?<\/strong><\/h2>\n
What is covered under the Economic Injury Disaster Loan (EIDL)?<\/strong><\/h2>\n
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Do I have to pay back the Economic Injury Disaster Loan (EIDL)?<\/strong><\/h2>\n
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Who qualifies for the Economic Injury Disaster Loan (EIDL)?<\/strong><\/h2>\n
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Reference<\/h3>\n