SBA Disaster Relief Loan Advance ($1000 Grant)
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.
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