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Post 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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Default Re: SBA Disaster Relief Loan Advance ($1000 Grant)

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
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Default Re: SBA Disaster Relief Loan Advance ($1000 Grant)

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Originally Posted by unitsell View Post
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.
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Default Re: SBA Disaster Relief Loan Advance ($1000 Grant)

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Originally Posted by aenews View Post
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
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Default Re: SBA Disaster Relief Loan Advance ($1000 Grant)

What if im getting unemployment checks? Will that interfere
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Default Re: SBA Disaster Relief Loan Advance ($1000 Grant)

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.
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Default Re: SBA Disaster Relief Loan Advance ($1000 Grant)

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Originally Posted by prodigyace View Post
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
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Default Re: SBA Disaster Relief Loan Advance ($1000 Grant)

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Originally Posted by thelegendary14 View Post
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).
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Post Re: SBA Disaster Relief Loan Advance ($1000 Grant)

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Originally Posted by ErkDaddy View Post
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.
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