EIDL Update: SBA Clarifies $10,000 EIDL Recipients & Section 332
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EIDL grant update: I received clarification from the SBA as to who can expect EIDL advances and the potential for a non-targeted advance again.

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EIDL News
The Economic Injury Disaster Loan or EIDL is set to open it’s portal doors on the 17th of January. Congress has allocated another $40 billion for second round grants and EIDL loans.

Back on March 27th the first round of Covid grants and loans were approved and with that came a grant up to $10,000.

The SBA changed the rules of this grant after the fact to $1000 per employee leaving some small business owners feeling like they lost out on the full grant. And by some I mean pretty much everyone.

There was outrage, word of class action lawsuits, petitions, you name it.

Well there’s some good news.

This second round appears to cover this. Many those small businesses that received a grant smaller than $10,000 will soon be eligible for the remaining difference.

If you got $1000 the first grant you may potentially get the remaining $9000.

How do you qualify for an EIDL grant?

First you have to be a qualified entity defined through the CARES Act. These include small business and cooperations with fewer than 300 employees for the second round, that’s down 500 from the first round.

Your business must also be located in a low-income community:
and
Your business also needs to have suffered an economic loss greater than 30%

#eidl #ppp #stimulus

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Related Documents:
Low income community/Census tract income data: https://ift.tt/1n5HTsa
Empowerment Zones and Enterprise Communities Map
https://ift.tt/2MoOaBC
Look up Metropolitan Census Data:
https://ift.tt/2i01FnJ
Full Stimulus Bill Text:
https://ift.tt/3nGUXUG
State Income PDF data: https://ift.tt/3c5IJSP

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By Zennie Abraham

Zennie Abraham | Zennie Abraham or "Zennie62" is the founder of Zennie62Media which consists of zennie62blog.com and a multimedia blog news aggregator and video network, and 78-blog network, with social media and content development services and consulting. Zennie is a pioneer video blogger, YouTube Partner, social media practitioner, game developer, and pundit. Note: news aggregator content does not reflect the personal views of Mr. Abraham.