EIDL grant update: NEW Way to Qualify as Low Income Community. How to get the EIDL grant? SBA EIDL grant portal. EIDL grant application.
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The Economic Injury Disaster Loan or EIDL is set to open it’s portal doors on the 17th of January. Congress has allocated another $40 billion for second round grants and EIDL loans.
Back on March 27th the first round of Covid grants and loans were approved and with that came a grant up to $10,000.
The SBA changed the rules of this grant after the fact to $1000 per employee leaving some small business owners feeling like they lost out on the full grant. And by some I mean pretty much everyone.
There was outrage, word of class action lawsuits, petitions, you name it.
Well there’s some good news.
This second round appears to cover this. Many those small businesses that received a grant smaller than $10,000 will soon be eligible for the remaining difference.
If you got $1000 the first grant you may potentially get the remaining $9000.
How do you qualify for an EIDL grant?
First you have to be a qualified entity defined through the CARES Act. These include small business and cooperations with fewer than 300 employees for the second round, that’s down 500 from the first round.
Your business must also be located in a low-income community:
I find through my research of the tax code that this is a bit more broad than we previously expect. The IRS tax code allows for far more census tracts to qualify under specialized guidelines for things like low populations, empowerment zones, and areas of high migration.
Your business also needs to have suffered an economic loss greater than 30%
#eidl #ppp #stimulus
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