Emergency Grant of up to 10k for small businesses

[UtahJimmy]

Agreed, thank you @fmyth for supplying the information so everyone can be informed. I think the confusion may lie with the fact that 10k is just an advance on the entire loan value requested. So it's available within 3 days to keep you in business, then the rest of your loan will be processed and then distributed.

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[UtahJimmy]

Any small business owners who applied for the 10k actually receive it? My FIL is still waiting after being promised the 3 day wait. Been 10 days so far...

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[Fullfan]

Wife applied no less than 14 days ago, and has received nothing.

 

[fmyth]

I received this email one week after I applied:

Thank you for reaching out to the U.S. Small Business Administration Disaster Assistance Customer Service Center. If you are attempting to submit an application for an Economic Injury Disaster Loan as a result of COVID-19, please visit our new streamlined application page and apply at https://covid19relief.sba.gov/.


If you have any additional questions, please feel free to reach back out to us via email, or call our Customer Service Center at (800) 659-2955. Individuals who are deaf or hard of hearing may call (800) 877-8339.


Thank you in advance for your patience,


SBA’s Disaster Assistance Customer Service Center

 

[fmyth]

I received this email one week after I applied:

Thank you for reaching out to the U.S. Small Business Administration Disaster Assistance Customer Service Center. If you are attempting to submit an application for an Economic Injury Disaster Loan as a result of COVID-19, please visit our new streamlined application page and apply at https://covid19relief.sba.gov/.


If you have any additional questions, please feel free to reach back out to us via email, or call our Customer Service Center at (800) 659-2955. Individuals who are deaf or hard of hearing may call (800) 877-8339.


Thank you in advance for your patience,


SBA’s Disaster Assistance Customer Service Center

I called the customer service number above and after navigating through the voice prompt maze got a human on the line. Unfortunately her accent was so bad I had a difficult time understanding here. She basically said she couldn't tell me anything and I should wait patiently. I called back, got someone who spoke English and was told that the only way I would get any status update was to watch my credit report for the SBA to pull my credit. I do know of 2 people that have received their grant, 1 received 2k and one received 10k. Apparently they are now only giving you 1k per employee.

 

[mnhoundman]

I called the customer service number above and after navigating through the voice prompt maze got a human on the line. Unfortunately her accent was so bad I had a difficult time understanding here. She basically said she couldn't tell me anything and I should wait patiently. I called back, got someone who spoke English and was told that the only way I would get any status update was to watch my credit report for the SBA to pull my credit. I do know of 2 people that have received their grant, 1 received 2k and one received 10k. Apparently they are now only giving you 1k per employee.

Haven't gotten anything here! I also heard 1k person employee now

 

[Bunkin]

We have received the PPP loan. We were approved about a week ago Tuesday and the funds were deposited in our account on Friday. Our biggest concern is what the actual forgiveness term specifics will be. Seems broad terms are known, but specifics are not yet...

 

[Rokwiia]

For those of you who think you're getting $10,000, you are going to be disappointed. If you qualify for the EIDL advance, it appears you will get $1,000 for every employee up to a maximum of $10,000 for ten employees. The sole proprietor is considered an employee for this purpose.

 

[Squirrels]

My family owns a small restaurant, they employ ten people and have recieved the EIDL as well as the PPP.

 

[Akwoodchuck]

For those of you who think you're getting $10,000, you are going to be disappointed. If you qualify for the EIDL advance, it appears you will get $1,000 for every employee up to a maximum of $10,000 for ten employees. The sole proprietor is considered an employee for this purpose.

Yep...got my EIDL of $1,000 today, along with stimulus payment...sole proprietor, no employees....

 

[fmyth]

Yep...got my EIDL of $1,000 today, along with stimulus payment...sole proprietor, no employees....

When did you apply?

 

[Akwoodchuck]

When did you apply?

Literally like the day after they passed the bill, lol....didn't think it took as I got zero response, then boom, just showed up in bank.

 

[Rokwiia]

We have received the PPP loan. We were approved about a week ago Tuesday and the funds were deposited in our account on Friday. Our biggest concern is what the actual forgiveness term specifics will be. Seems broad terms are known, but specifics are not yet...

Here is an excellent article by Tony Nitti who is a well-respected tax adviser.

https://www.forbes.com/sites/anthon...ection-program-loan-forgiveness/#791430e73291

 

[fmyth]

Literally like the day after they passed the bill, lol....didn't think it took as I got zero response, then boom, just showed up in bank.

Same here. I haven't received either. Just saw on the news that the 350B is gone. I think I'll deduct that 1,000 from my taxes due this year.

 

[Bunkin]

Here is an excellent article by Tony Nitti who is a well-respected tax adviser.

https://www.forbes.com/sites/anthon...ection-program-loan-forgiveness/#791430e73291

Thank you!

 

[Rokwiia]

If you want to read things for yourself, here you go. This recently-released guidance addresses sole proprietors with and without employees. If you're not familiar with the background issues, the language is confusing and it references authoritative sources which you may not have access to. I'd strongly suggest spending your time reading Tony Nitti's article several times until you can recite it verbatim.

https://home.treasury.gov/system/fi...Requirements-for-Certain-Pledges-of-Loans.pdf

 

[fmyth]

I noticed that the SBA pulled my credit on Friday. Interesting that they would do so after they announced they had run out of money budgeted for the EIDL and PPP.

 

[Beendare]

I submitted my application on day one...kicked out for some BS reason ....and my application is still in process not 100% complete with US bank.They are doing it in phases....and in taking their time left me hung out to dry. I don't think they want these loans and they are dragging me through the mud.

Now the moneys gone....I sure would like to see a full accounting of exactly who got the bulk of all this money.....I have a feeling it will make our stomaches turn when we do.

______

 

[NDGuy]

Now the moneys gone....I sure would like to see a full accounting of exactly who got the bulk of all this money.....I have a feeling it will make our stomaches turn when we do.

You mean like this?

FEMA cancels controversial $55 million contract to a company that's never manufactured N95 masks after it failed to deliver the order

FEMA told Insider it "does not enter into contracts unless it has reason to believe they will be successfully executed."

www.businessinsider.com

 

[Kevin Dill]

I personally decided against the loans. That amount of money isn't going to make or break my business. We're up and running with very little interruption. My employees haven't missed a day's work. Have been trying to hire people and no issues making payroll. The less I ask for from the government the better I feel.