It included $310B in PPP funding and $60B in EIDL funding of which $10B if for the grant portion of EIDL. After passing a $2 trillion stimulus bill a few weeks ago, congress is moving on another $500B bill, mostly for additional funding to the PPP loan/grant program for small businesses. Senate passed the bill, and it's expected to get through the House and be signed into law shortly. There are some exciting updates on the EIDL Grant and Loan Program Please like, share and subscribe today. Here is the timeline: March The CARES Act also authorizes the SBA to provide EIDL of up to $2 million to eligible small businesses experiencing financial disruption due to the COVID-19 pandemic. SBA’s EIDL process guaranteed up to $10,000 in accounts within three days of request. Get updates from a self-reported data set Lizzie Fletcher, Congresswoman representing the 7th District of Texas, and Tim Jeffcoat, District Director of the U.S. Small Business Administration Houston District Office, put on a webinar today to provide an update on the SBA … But weeks after applying for EIDL, Brown said he received only a $3,000 advance on the loan, which isn't enough to cover even one month of business expenses. EIDL LOAN Progress Tracker Millions of small businesses have applied for the $150,000 EIDL LOAN. Check that out. Economic Injury Disaster Loan Advance (EIDL Advance) Small businesses, sole proprietorships, independent contractors, self-employed persons, private non-profits, and veterans organizations that have been impacted by the Coronavirus/COVID-19 may be eligible for the EIDL and receive an advance of $10,000 within days of getting approved, and this loan advance does not have … EIDL Grant stems from an EIDL Grant Application process approved by the Cares Act. I spoke to the SBA. As of April 24, SBA has disbursed nearly $8 billion in loans and $4.8 billion in grants, falling $4 billion short of the original EIDL allocation. But LALATE has found a myriad […] On Reddit, u/kitehigh911 said they applied on March 16 and received their full EIDL funding yesterday. The advance, part of the federal government’s $2 trillion economic stimulus package, would not have to be paid back, even if businesses were ultimately turned down for an EIDL loan. Check that out. What follows are updates regarding the EIDL and PPP loans along with links to an informative webinar and helpful spreadsheet. This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue. Chase Business Ink 20k PenFed Plat Rewards VS 25k NFCU Go Rewards12k BECU 25k Chase FU 6k NFCU Flag 12k Disco IT 11k Amex BCE 1k Gold Delta Skymiles Biz 5k Amazon Prime 6k USBank Cash + … EIDL aid can be rolled into a PPP loan — businesses can qualify for both so long as they are not used for the same thing, and they must be used … Any updates on the EIDL emergency grant will be posted here and the post will be updated regularly. Four individuals were charged in an indictment for their alleged participation in a scheme to submit at least 35 fraudulent loan applications seeking over $5.6 million in COVID-19 relief guaranteed by the Small Business Administration (SBA) through the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief and Economic Security … CRITICAL UPDATE: As of Friday, April 24, the new bill authorizing $370 billion to the PPP and EIDL programs has been signed by the President and now we are waiting on the SBA to let us know when they will be processing new EIDL Advance applications. According to the indictment, Robinson submitted two fraudulent applications in the name of ATeam LLC, which is a dance company, for: (1) a PPP loan for approximately $1,502,000; and (2) an EIDL for approximately $150,000. LOS ANGELES (LALATE EXCLUSIVE) – EIDL emails to applicants will be sent as early as April 7 and payments are coming as early as April 9, SBA representatives are telling customers, LALATE can exclusively report. Apply, and you could get up to $150,000 in funding for your small business. Last week, the U.S. Small Business Administration (SBA) approved requests from both Missouri and Illinois for assistance through the federal agency’s disaster loan program. The call was among SBA lenders to provide greater clarity on the management of approved and Percent of Entrepreneurs that applied for EIDL primarily to access the $10,000 advance. Update on EIDL (Economic Injury Disaster Loans) This information was collected a on recent call with the Office of Disaster Assistance. EIDL Grant There are two parts to the Economic Injury Disaster Loan (EIDL) program: the EIDL grant of up to $10,000 and the EIDL loan. In addition to establishing the PPP, the Coronavirus Aid, Relief, and Economic Security Act allowed the SBA to provide up to $10,000 of a borrower’s EIDL financing upfront as a grant. He doesn't know if … Read about the most recent updates to small buisness programs, the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP). They have told banks that they will start processing new PPP applications on Monday, April 27 at 10:30am EST. The SBA continues to release additional information surrounding the EIDL … In a report this week, the SBA provided a state-by-state breakdown of the Economic Injury Disaster Loans it has approved, showing almost 27,000 loans for a total of $5.6 billion as of Sunday. Breaking News!!! A Washington man was charged in a criminal complaint unsealed today for fraudulently seeking over $1.1 million in COVID-19 relief guaranteed by the Small Business Administration (SBA) through the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief and Economic Security (CARES) Act. The Cares Act provided for $10,000 (exactly) to be paid to each bsuiness Kyle Westaway There was also a great deal of confusion over the forgivable $10,000 advance on the EIDL. We analyse and summarize anonymized self-reported data shared by small businesses. We released a previous article covering the initial details of the Economic Injury Disaster Loan (EIDL) program, which can be found here. Update April 21: Even though I put 0 employees, I got $1000 from the SBA EIDL program! EIDL consists of two parts: 30-year, 3.75% term loans of up to $2 million, and “advances” that are really outright grants of up to $10,000. 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