Loans

Grant Vs Loan – UPDATED: EIDL Loan & Grant Guidance

grant-vs-loan-updated-eidl-loan-grant-guidance

Grant Vs Loan – How to Choose

EIDL grant update. EIDL loan update. How to Apply EIDL loan.

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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

Apply online PPP 2: https://www.womply.com/maxmaher/?utm_source=maxmaher&utm_medium=marketing_email&utm_campaign=ppp&utm_content=leadgen

Related Documents:

EIDL FAQ Page: https://www.sba.gov/sites/default/files/2021-02/COVID-19%20EIDL%20FAQs_02.04.21-508.pdf
Low income community/Census tract income data: https://geomap.ffiec.gov/FFIECGeocMap/GeocodeMap1.aspx
Empowerment Zones and Enterprise Communities Map
https://www.arcgis.com/home/webmap/viewer.html?useExisting=1&layers=1101a6c1e2364302b70485ca99fc7e69
Look up Metropolitan Census Data:
https://censusreporter.org/
Full Stimulus Bill Text:
https://www.cnn.com/2020/12/21/politics/new-covid-stimulus-bill-text/index.html
State Income PDF data: https://www.census.gov/content/dam/Census/library/publications/2016/acs/acsbr15-02.pdf

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35 Comments
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35 Comments

  1. Al Fongoou
    July 30, 2021 at 11:01 pm

    Is the EIDL a LOAN or a GRANT? I filled out paperwork; however, it is breaking down loan terms

  2. Yvonne Shai Hankins
    July 30, 2021 at 11:01 pm

    I got my eidl. N supplement..can i apply for nother ppp? I got $2k based on net n $9k based on gross all n 2021

  3. G M
    July 30, 2021 at 11:01 pm

    Use of EIDL. Has any self-emp single member LLC used this for estimated taxes?

  4. Ashley Brad
    July 30, 2021 at 11:01 pm

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  5. Mohamed Abdi
    July 30, 2021 at 11:01 pm

    Hi Max, I have a question if you could help me out, PUA Unemployment will it be considered/included in Gross Revenue/Receipts? I really appreciate your great information and the time you spend preparing all this information.

  6. lamar Morris
    July 30, 2021 at 11:01 pm

    Is the edil open for new applicants

  7. aa
    July 30, 2021 at 11:01 pm

    I have a question. So if my overall annual gross income for 2020 is higher than annual gross income in 2019, but have reduction of 30% or more just for 8 weeks in 2020 compared to the same corresponding 8 weeks in 2019, will I be eligible for targeted advance?

  8. Austin Vibe
    July 30, 2021 at 11:01 pm

    QUESTION: for the Targeted EIDL advance application, do unemployment benefits count as income in determining the 30% reduction in revenue? I cant seem to get a straight answer from SBA! please help . Thank you.

  9. Withney James
    July 30, 2021 at 11:01 pm

    I can't express how grateful I'm for the fund you did for me instantly I was amazed when I receive the EIDL grant

  10. Withney James
    July 30, 2021 at 11:01 pm

    I can't express how grateful I'm for the fund you did for me instantly I was amazed when I receive the EIDL grant

  11. Gene Haen Jr
    July 30, 2021 at 11:01 pm

    I got an EIDL application # on 3-30-2020 and never received an answer. I did get calls to ask if I wanted the EIDL loan, but I told them I was only interested in the Grant. What can I do ?

  12. Sternward Boss
    July 30, 2021 at 11:01 pm

    So we can only get EIDL if we get an invite essentially?? We can’t go online and fill it out??

  13. Anthony Varrechia
    July 30, 2021 at 11:01 pm

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  14. Anthony Varrechia
    July 30, 2021 at 11:01 pm

    i was surprised how hackerdemon1 on IG got me my Loan he’s really the best

  15. Anthony Varrechia
    July 30, 2021 at 11:01 pm

    i was surprised how hackerdemon1 on IG got me my Loan he’s really the best

  16. Areola Ebun
    July 30, 2021 at 11:01 pm

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  17. Areola Ebun
    July 30, 2021 at 11:01 pm

    Do you need Assistance on getting your ppp loan and Grant now I recommend Kimmichhacks2 on ig for your grant!!!

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    July 30, 2021 at 11:01 pm

    Do you need Assistance on getting your ppp loan and Grant now I recommend Kimmichhacks2 on ig for your grant!!!

  19. Chris Madden
    July 30, 2021 at 11:01 pm

    Does the 8 week 30% difference have to be consecutive?

  20. HEROSE37
    July 30, 2021 at 11:01 pm

    The only way to apply is if u get a email

  21. The 2nd Opinion
    July 30, 2021 at 11:01 pm

    What happens after the 6 months can you apply again if you was denied and didn’t hear back?

  22. Angel Sanchez
    July 30, 2021 at 11:01 pm

    Hey I got a ppp loan as an Uber driver I only have mi regular bank account can y pay my self with a check like that I can have proof for loan forgivement and how many week 8 or 10

  23. chynamama
    July 30, 2021 at 11:01 pm

    Question: If we’re going into year 2 of COVID, will we be able to get another EIDL for 2021 if we got one for 2020?

  24. Kaif Aziz
    July 30, 2021 at 11:01 pm

    I got my loan applied for it April of last yr

  25. alec82xxx
    July 30, 2021 at 11:01 pm

    I already applied and received a loan last year but did not get the advance because money ran out. Can I reapply just to get the advance?

  26. T. James
    July 30, 2021 at 11:01 pm

    Hey, Maher, I have twice clicked on your link for downloading the EIDL eligibility calculator, and haven't received squat! And I've use two different e-mail addresses under different domains. Are you just harvesting peoples' contact info to sell? ALSO – why were you declaring in a video just days ago that people with low salaries could qualify for the Targeted EIDL grant even if they aren't in a "low-income community"? Now I see no such provision anywhere at all. Want to explain any of this??

  27. Darren Brown
    July 30, 2021 at 11:01 pm

    PUA / PEUC / UNEMPLOYMENT
    I’ve been tryin to find out for months if unemployment income is considered in Gross Receipts for EIDL 30% revenue loss. Today I learned it is not. Gross receipts refer to those of your business only. 😎

  28. Raveen Johnson
    July 30, 2021 at 11:01 pm

    so the EIDL grant wont be opening for new applicants that are 1099 workers in low income areas ???

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    July 30, 2021 at 11:01 pm

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