For the past month or two, EIDL loan and grant requests were limited to businesses in the agricultural sector. Today, the Small Business Administration announced the reopening of the program for new applicants across all business sectors, according to CNBC.
As a reminder, one of the more interesting components to the EIDL loan request is that between $1,000 and $10,000 is given as a grant, which is essentially free money for any business affected by coronavirus with an easy application. Businesses get $1,000 per employee which means that a sole proprietor with get $1,000 and a business with 10 employees will max out at $10,000.
If your business was affected by coronavirus, and you have not yet applied for EIDL, it’s worth applying now. If you will be getting PPP forgiveness, you won’t gain from the EIDL grant.
Hat tip to readers CtownBin and Derek
Previous Articles:
- Stimulus Bill: Making Sense Of The Options For Small Businesses & Employers (Grants + Loans)
- Stimulus: EIDL Grant For Small Businesses Will Be $1,000 Per Employee, Per SBA Clarification
- A Few Updates On The Small Business Grant & Loan Programs (PPP, EIDL Funding Round 2)
- Stimulus: Government To Send Out $1,200 Checks/Deposits To Most US Residents; Expanded Unemployment & More
- US Stimulus: Should You File Your 2019 Tax Return Now?
- Stimulus Bill Adds $300 Charitable Contribution Deduction For 2020 & Beyond
- Stimulus Bill Forbids Credit Agencies From Issuing Negative Marks For Certain Deferred Payments
- Stimulus Bill: Explaining the Unemployment Benefit for Employees, Self-Employed & Gig Workers
- Stimulus Checks: People Who Don’t File Taxes Can Register Their Bank Info With IRS-TurboTax Online Portal To Get Their $1,200
- IRS Now Lets You Check Your Stimulus Payment Status
- A Few Updates On Those $1,200 Stimulus Checks
- IRS Website Finally Allows You To Add Bank Information For $1,200 Stimulus Direct Deposit
- Lawmakers Overhaul PPP Loan Forgiveness Program For Small Businesses
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