The SBA has finally updated their website to indicate the Targeted EIDL Advances are live, and they are starting to contact eligible businesses. What is going on, who is eligible, and when will we finally get our small business grants – All this and more in today's video.
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The SBA has finally updated their website, saying they are in the process of contacting small businesses that are eligible for the Targeted EIDL Advance, remember, this is only one at least two EIDL programs authorized by Congress in December, plus there are rumors of more coming in President Biden's $1.9 Trillion package, but I am getting ahead of myself.
The announcement from the SBA is well over 3-weeks past their legally required launch date, but since when has the SBA followed the law when it comes to Stimulus, they keep making up the rules as they go along like a spoiled kid that knows Mommy & Daddy will never punish them for their outrageous actions.
SBA will first reach out to EIDL applications that already received a partial EIDL Advance (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.
This includes sending any information to those [donkey] scumbags that keep spamming the comments in YouTube with their Instagram, Facebook, or WhatsApp contact information. All of those guys are scammers trying to steal your banking information, do not contact them; you have been warned.
Per the SBA, 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 to qualify. Additional details on how SBA will identify low-income communities will be available soon on our Coronavirus Relief Options page;
AND
Can demonstrate more than 30% reduction in revenue during eight weeks 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.
To summarize this. If you already received part of your grant money and are located within a low-income community, you are first in line to get the rest of your $10k.
If you did NOT receive any of the grant money and are also located in a low-income community, you are next in line.
If you are NOT in a low-income community, you are NOT eligible for the Targeted EIDL Advance program and need to wait for the second, main EIDL program to launch.
⚠️ ⚠️ ⚖️⚖️ I am not a lawyer, CPA, tax advisor, realtor, financial advisor, etc., I have absolutely no licenses/certifications in anything related to these industries, I am just a dude on the internet. So, in full disclosure: the information I provide here is for "entertainment purposes only!" You should seek counsel from competent and certified individuals if you have questions. I may receive commissions when you use my affiliate links. eidl grant stimulus check update eidl grant update eidl grant denied
