$10,000 EIDL GRANT

2000? C'mon

 

I just checked my bank account balance online for the $10,000 EIDL grant deposit.

GUESS WHAT?

It wasn't there

 

I was listening to Clark Howard's (financial money guy) podcast on Wednesday.

Referring to his Tuesday show, he said, "regarding the financial aid and loans via the CARES Act, I have to give myself a D- grade for the information I provided yesterday."

He acknowledged that things are changing so rapidly and clarifications, protocols, etc. are being set-up, a lot of information swirling around regarding this stuff is either presumption, hearsay or false.

 

RING...

"Hello?"

"Hi, this is Joe the banker. We've been assigned to your distribute your $1,000 EIDL Grant, can you come down to the bank and sign documents?"

"Wait, what? I thought the $10,000 was to be deposited directly into my account within 3 days of my application submission online?"

"Oh, you were approved for a $1,000 grant. Your money is safe with us and it will deposited into your account directly, minus our $750 processing fee, of course."

 

From OOIDA today:

The Small Business Administration and the Treasury Department have opened enrollment for the "Paycheck Protection Program" (PPP). Small businesses and sole proprietorships can apply today, while independent contractors and self-employed individuals can begin applying on April 10. The loan program is designed to help businesses meet their payroll costs and a significant portion of the loan can be forgiven if employers maintain payroll. Remember:

• Applications for these loans will be submitted and processed through an SBA-approved lender. If you have already worked with a bank for your business in the past, they may be participating and you should reach out to them directly. If not, you can find a potential local lender through SBA's directory.
• To apply, you will need your IRS Taxpayer Identification Number, your average monthly payroll, your number of employees, and additional business information. See the application here.
• The program is "first-come, first-served," so please apply as soon as possible if you think you may be interested. Due to a heavy volume of applications, expect various delays as the program is launched.
• OOIDA has compiled additional information to help you complete the PPP application here. For other questions, please reach out to your bank or local SBA office - https://www.sba.gov/local-assistance/find/

The Treasury Department has also provided FAQs on the eligible use of loans, loan terms, and much more.

The PPP is separate from the Economic Injury Disaster Loan (EIDL) program. Under the EIDL program, applicants can apply for a loan and request a $10,000 advance. This advance does not have to be repaid, even if a borrower is later denied a loan. If you would like to apply for this loan, you can begin the process here: https://covid19relief.sba.gov/. If you have already completed this application, the SBA has said they will be following up with applicants to collect any other information they need to process the loan and advance request.

For additional information on the PPP and other SBA loan programs currently available, visit OOIDA's updated COVID-19 Financial Assistance and Relief page.

Thank you!

- OOIDA Call To Action Team

 

My local SBA community bank rep emailed me a little while ago and said he's sending me over the bank application for the PPP.

I'm going to fill it out and see what happens, since I'm an employee of the S Corporation.

I'm building a hedge wall...