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  • Writer's pictureTaxko Staff

$10,000 Stimulus money for small business| EIDL GRANT

Did you apply for the EIDL and only got a $1,000 advance for each employee? Or just $1,000 for yourself if your self-employed? With the new stimulus bill the government has put 20 billion dollars towards keeping the promise of a $10,000 grant to small business.

Per the new Stimulus bill SEC. 331. They now have a "TARGETED EIDL ADVANCE FOR SMALL BUSINESS" of $10,000!!

Two types of small business that can apply or be notified:

1. You applied in the 1st or 2nd round and did not get the full $10k. OR

2. You are applying for the first time and just want the grant portion ONLY.

You have 4 Test you must pass:

-Test 1. You're going to apply before12/31/21 or you applied in the 1st or 2nd round and did not get the full $10,000.

-Test 2. You're located in a low-income community. ( See video for definition)

-Test 3. Your small business had a 30% drop in gross income for an 8-week period. ( See video for example)

-Test 4. You employee less than 300 people or your self-employed or you're a independent contractor. ( See video for more clarity)

If you pass all four-test you have ENTITLEMENT TO THE FULL AMOUNT of the $10,000

How much will I get?

Type 1. You get the difference from what you actually received in the 1st or 2nd vs the $10,000. {i.e- If you received $1,000 you will get the difference of $9,000}

Type 2. You can get $10,000. Regardless if you take the loan or not. FYI, your credit may be checked in this 3rd round. But still apply.

How to apply?

Type 1. You do not apply, the SBA will contact you. ( DO NOT REAPPLY)

Type 2. You have to apply. The new application should be live by January 15th , 2021. See link to apply.

Please note you do not have to show a profit from your small business to apply. This is based on your gross income not your profit.

We will continue to keep you updated

We will continue to provide you with updates as they occur. As valued partners and friends, we encourage you to follow the direction of your state and local leaders to protect the health and safety of yourself and those around you. We are still here for you and you're not alone.

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