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When Will I Receive The $10k EIDL Grant?
... It'll probably be a while
With the more time that passes we are seeing more and more delays and stipulations in the EIDL grant program.
In the CARES Act it states that EDIL applicants must request an emergency grant amount UP to $10,000. The issue here is that there's nowhere to request any amount on the EIDL application. The only mention on the stimulus application is a checkbox to be consider for a $10,000 advance.
Another key phrase in the CARES Act is "Up to $10,000". Nearly everyone intrepreted this as $10,000 to all eligible who apply. We are seeing otherwise. Word has now come out of the SBA stating that there will be some kind of sliding scale based upon income and number of employees that determines how large of an EIDL Grant you will receive. Meaning nearly everyone will receive less than $10k.
In the SBA's defense it does make sense to give more to the businesses with more employees but this is not how the CARES Act is written.
What Do I Need To Apply For The EIDL Grant?
In the CARES Act it's stated that all that is needed is self verification in order to receive the $10k Grant. We now realize you will be required to provide proof and further verification. Again, this does make total sense to require verification however that is not how it is written in the CARES Act.
Now we are hearing from high level SBA reps that:
-The grant will be based on the number of employees you have.
-That you must first get contacted by a loan officer, get approval for the grant based on some unknown formula of employees to income ratio
-Then within "3 days" you will receive an amount up to but most certainly not 10K.
Do I Qualify For the EIDL Grant?
Probably, but you also probably won't actually get $10 unless you have at least 10+ employees. The crap part here is if you have 10 employees or more $10k isn't going to get you very far.
When Will I Receive My EIDL Grant?
Originally we were told within 3 days of application money will be in your account. As of the writing of this it has been more than 5 days and no one has received any money. A business owner called into the SBA and the SBA rep stated the loan process could take 3-4 weeks and applicants should be receiving requests for more information within 10 days.
What Can I Do to Get My EIDL Loan Faster?
-Fill out the online disaster loan application as soon as possible. This is first come first served.
-Ensure your application is filled out correctly. If you need help check out this video
-Have your documents ready for when they call including your 941 forms, payroll summaries, and tax documents.
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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational
purposes and does not fully address the complexity of the issues or all the steps businesses must take under
applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher
undertakes no obligation to update the information in this presentation, and no representations are made that
the content is error-free.
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