Key Highlights
- Under Economic Injury Disaster Loan program with the Small Business Administration, there provision for $1,000 grant
- Called “The Advance”
- $1,000 grant does NOT have to be repaid
The Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program has a provision that some small business owners and/or independent contractors/sole proprietors who were negatively impacted by COVID-19 did not see. This provision is called “The Advance” and it is a $1,000/employee grant that does NOT have to be repaid.
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If you are an independent contractor or sole proprietor, you can apply for this $1,000 for yourself. If you are a small business owner, you can apply for a $1,000 grant/employee up to 10 employees, or $10,000. You DO NOT have to prove you’ve been negatively impacted by the pandemic to qualify.
Because you have to technically apply for the EIDL loan to get the grant, do it and just don’t accept the loan. Once approved, you ought to automatically receive the $1,000 grant in your bank account. (The application asks for your bank account number and bank routing number so the bank can wire deposit the grant into your account.)
Make sure to keep records of how you spent the $1,000 just in case the SBA asks you for such records.
Apparently, but we can’t guarantee it, the application is fairly simple to complete.
Just make sure you click the box under the “additional information” on the application that says, “I would like to be considered for an advance up to $10,000. “ (Remember that the application will ask if you have employees, how many but if it’s just you, that’s more than fine. You’ll likely get this “Advance” grant of $1,000 for just you as there’s still money available in the EIDL program coffers.)
Thanks to CNBC.
Also read: How Coronavirus Has Affected Real Estate – So Far, House Passes New PPP Loan Forgiveness Package, SBA’s $349B Paycheck Protection Program Now Out of Money
