There have been several big changes to the EIDL Stimulus Grant Money for small businesses to receive up to $10,000 - here are those updates, enjoy! Add me on Instagram: GPStephan
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See, by now…I’m not sure we’ve all heard about this $2 Trillion Dollar Stimulus package, right? It’s the one that guarantees $1200 checks to every American earning under $75,000 per year, it extends unemployment benefits by an extra $600 per week…and if also gives small businesses the ability to receive an IMMEDIATE, NON RE-PAYABLE $10,000 ADVANCE to use towards maintaining payroll, making the rent or mortgage payments, or having to cope with increased cost of goods due to the current state of our economy.
However, when this money didn’t show up - there was a lot of confusion. Here’s what I found:
First, Steve Bulger, who’s the director for the US Small Business Association, said recently that:
“whether you get the full $10,000 depends on the size of the business. If you have 10 or more employees, you will get it.”
When asked how many businesses actually received it, he replied:
“Once we give approval at the SBA, it will be sent over to the Department of Treasury, who will disburse the advance to the small business owner. So I don't know if any businesses have received their money yet.”
https://www.bizjournals.com/philadelphia/news/2020/04/01/sba-mid-atlantic-boss-talks-interest-rates-loan.html
So, given this context…if you’re self employed, working for yourself…according to him, you’re unlikely to get the full $10,000…and the “catch” here, is that the verbiage says: “UP TO $10,000” - meaning, that’s the MOST you’re eligible to receive. And, chances are…with soooo many applications, and the need for money IMMEDIATELY…these applications are NOT going to be manually processed, and have to be automated to get the money out as soon as possible…so, where it is?
Well, the honest answer is…no one knows. Even though the application page said 3 days from application, the SBA just came out TODAY and said that “EIDL Loan advances will start to be distributed this week.  $1000 per employee up to $10,000 max.” - so, if you’re just applying as a sole proprietor without any other employees…well, looks like your relief check will be limited to $1000 per employee. That’s QUTIE different than the $10,000 that was IMPLIED over a week ago when the entire platform went live.
https://content.govdelivery.com/accounts/USSBA/bulletins/284f240
And really, when it comes down to it…I don’t think it’s any surprise, the entire package was rushed out in a hurry and - in the SBA’s defense - they probably had to scramble around to figure out what they were actually going to do and how they were going to find a way to disperse $10,000 to anyone who asks for it
I have a feeling you might have the ability to further CONTEST the amount that you’re given, if you’re unhappy with it. Who knows if that’s going to be an uphill battle or even worth your time, but it’s worth a shot. And, for anyone further upset by this…it seems like Twitter if your best place to go, by Tweeting the SBA and requesting this be clarified as soon as possible.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
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