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I did the initial application for covid government grant/loan.
Didnt hear anything until a few weeks ago when I got an email to fill out the application for a loan.
I looked through the application and it looks like a loan.
I’m not going to borrow money so I guess I shouldn’t fill it out?
I did want a grant if they were available, but maybe I did my initial application too late (I applied about a week after it was first announced)I don’t want to accidently apply for a loan I dont want, but also I dont want to miss out on any grant.
So I’d be interested to hear your thoughts or experiences.
Thanks! -
Best thing is to call your state SBA office. Yes, its a loan.
3.75% over 30 years.
No collateral if under $25k.
You dont pay for the first year (though interest does accrue).You want the EIDL grant that doesnt need to be paid back.
Or the PPP loan that also doesnt have to be paid back if spending is documented on approved items.Again, call your state SBA office. Thats all the info we can offer here.
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The EIDL loan/grant is open for independent contractors once again. This is a loan that has a grant advance portion (if you check the box that you want to apply for the grant!). You don’t have to accept the loan to get the free advance. This Forbes article goes step by step on how to fill out the application. https://www.forbes.com/sites/allbusiness/2020/06/15/sba-opens-up-new-grants-and-loans-for-small-businesses-and-independent-contractors-eidl-program/#17cfbd0e250c
The money will run out so apply ASAP.
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I have to say, I’ve read all the guides and this is still confusing as all getout. It is NOT clear at all where the grant ends and the loan begins! I had to apply for the loan – they gave me a range of $1000-$16000, so I chose the $1000 assuming that is the grant portion.
I filled out all my info and they kicked it back due to unconfirmable information. After reading all of their possible reasons why (they don’t tell you exactly what was kicked back), it seems it is my bank account. The bank account used MUST BE directly associated with your federal EIN number that you have for your business. I use an old personal account for my business, so it looks like I finally have to create a dedicated business checking account. It needs to be done anyways for ebay managed payments, so whatever… Grrrr.
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I applied for the EIDL loan a couple months back and received a $1,000 deposit in my bank account a few weeks after. Has anyone had a similar experience? If so, does anyone know if this is a grant or a loan? I received a further email confirming that I was eligible for a $7,700 loan which I didn’t accept, but no mention at all of the prior $1,000.
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I think I figured this out, with the help of this video:
The Economic Injury Disaster Loan (EIDL) has two components, a $1,000 grant per employee and a loan program for up to $20,000. This is different from the Paycheck Protection Program (PPP), which is where the potential $10,000 grant comes in. The PPP is based on your Schedule C income from line 31 though, so if you take a lot of deductions like I do, you won’t be eligible for much.
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