SBA Disaster Relief Loan Advance ($1000 Grant)

[aenews]

The COVID-19 ECONOMIC INJURY DISASTER LOAN AND LOAN ADVANCE APPLICATION is now open again for applicants. If you run a small business or even just sell online as a sole proprietor (applies to virtually everyone in these forums who is from the US), then you are eligible. No EIN required, though you can certainly apply under an EIN as well. You do not need to have a filed LLC/Corporation or Trade Name to be eligible. If you just file taxes under your SSN as a sole proprietor that is sufficient. It also does not matter whether or not you have filed taxes yet for 2019. I haven't, and I was still approved for the loan advance immediately. Received a direct deposit in my bank account within 48-Hours. Note that the loan advance is an advance that does not need to be paid back, effectively a grant. You can receive $1000/Employee up to $10,000, which means that sole proprietors or single member businesses would get $1000.

The application will ask you for the gross revenue and product costs (01/31/2019-01/31/2020). It will also ask for a business establishment date, which can be somewhat arbitrary if you are a sole proprietor, or the actual filing date for a registered business. Overall, the application is fairly short and straightforward to fill out.


Additional Information from SBA: SBA resumed processing EIDL applications that were submitted before the portal stopped accepting new applications on April 15 and will be processing those applications on a first-come, first-served basis. On June 15, SBA began accepting new EIDL and EIDL Advance applications from qualified small businesses and U.S. agricultural businesses.

In addition, small businesses and non-profits may request, as part of their loan application, an EIDL Advance of up to $10,000. The EIDL Advance is designed to provide emergency economic relief to businesses that are currently experiencing a temporary loss of revenue. This advance will not have to be repaid, and small businesses may receive an advance even if they are not approved for a loan.

[unitsell]

Are these grants any good ? I have not taken the time to read but based on a little information I have read they are not great as they seem but not sure I have to read

[aenews]

Originally Posted by unitsell

Are these grants any good ? I have not taken the time to read but based on a little information I have read they are not great as they seem but not sure I have to read

Yes. This loan advance is meant for small businesses, and that includes sole proprietors. I was told about it by one of my friends (former eBay selling partner). We were both approved, and I got the direct deposit in my bank account two days after submitting the application. Most US sellers in the forum would benefit from the EIDL Loan Advance.

[thelegendary14]

Originally Posted by aenews

Yes. This loan advance is meant for small businesses, and that includes sole proprietors. I was told about it by one of my friends (former eBay selling partner). We were both approved, and I got the direct deposit in my bank account two days after submitting the application. Most US sellers in the forum would benefit from the EIDL Loan Advance.

So i applied a couple hrs ago, havent gotten a e-mail saying i was approved yet. How long did it take you to get an e-mail of approval? Thx

[TheBosss]

What if im getting unemployment checks? Will that interfere

[prodigyace]

What's weird is I received the money within 2 business days of applying...then like a week later, I get an email stating I was denied.

Hopefully it was simple oversight and I'm good to go.

[aenews]

Originally Posted by prodigyace

What's weird is I received the money within 2 business days of applying...then like a week later, I get an email stating I was denied.

Hopefully it was simple oversight and I'm good to go.

Did the e-mail say you were denied for the loan or the loan advance? If they denied you for the former, it does not necessarily affect your $1000 loan advance at all.

"As a reminder, you do not have to be approved for a loan in order to receive the advance." - SBA

[aenews]

Originally Posted by thelegendary14

So i applied a couple hrs ago, havent gotten a e-mail saying i was approved yet. How long did it take you to get an e-mail of approval? Thx

I don't think they sent an e-mail for approval. Just got the direct deposit. They may not send an e-mail if you do not apply for the loan (the loan advance is the free $1000 that does need to be repaid).

[aenews]

Originally Posted by ErkDaddy

What if im getting unemployment checks? Will that interfere

If you are an e-commerce seller and do file returns (i.e. 1099K), it probably wouldn't interfere. I wouldn't expect this to be a problem, but I can't say for sure. It definitely can't hurt to apply and find out.

[hickmanchaz9@gmail.com]

Any account allowed such as a secondary....chime,PayPal,cashapp......I’ve submitted mine and followed up with the email sent.....how much longer till I see an approval of some sort

[aenews]

Originally Posted by hickmanchaz9@gmail.com

Any account allowed such as a secondary....chime,PayPal,cashapp......I’ve submitted mine and followed up with the email sent.....how much longer till I see an approval of some sort

Well you'll know if you got approved for the advance if you get a direct deposit. I don't believe I received an e-mail. If you receive an e-mail indicating some issue with the loan advance, then you know you have a problem. However, it's also possible to get an e-mail indicating ineligibility for the loan yet still receive the loan advance (which is what we want) as they have separate approvals. Any luck on your end?

Payment processor doesn't matter. Optimally, the amounts you report should line up with current tax filings (2019) and/or you have some 1099K/1040 filings for previous years. For me, I hadn't filed 2019 when I applied. I did have filings from previous years which may have helped it go smoothly.

[rsot]

Originally Posted by hickmanchaz9@gmail.com

Any account allowed such as a secondary....chime,PayPal,cashapp......I’ve submitted mine and followed up with the email sent.....how much longer till I see an approval of some sort

Welcome to the forum - all the best as you master stealth

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[Hank]

Originally Posted by Reditkind

This looks like a scam. [/URL]

Not the only scam on this thread.