Self-Employed / Small Business Disaster Relief ($10,000 grant)

I may be mistaken, but you I believe you cannot do this and the PPP loan. Plus the Disaster Relief is not forgivable . Here's NFIB side by side comparison:

 

You can get the $10,000 EDL grant and also the PPP loan. Only drawback is the $10,000 EDL grant is not forgiveable and will need to be paid back.

 

The PPP also applies to self-employed

 

A lot of confusion as you might expect with a govt. program. EIDL has 10,000 grant component which does not get paid back but the balance is a straight loan. I believe Larry B might be in error re; being able to do both EIDL and PPP. Best to check w/ your accountant.

 

I guess this would be for small businesses expecting to pay less than 10k in payroll in this time frame? We are looking at the other option. Interesting to see on the side by side, accounts payable is included in the 'things you can use the money for'. So would a fancy new drill count...?

 

I have watched many YouTube videos from CPA's and they all said if you get the $10K EDL grant and also get the PPP package that the $10K grant is not forgiveable

 

That makes sense to me. I couldn't figure out how you could classify a grant as unforgiveable. It's a grant, but if you're double dipping, then I think that would disqualify you from being qualified for the grant.

 

On Youtube watch this guy. He explains it https://www.youtube.com/channel/UCigUBIf-zt_DA6xyOQtq2WA/videos

 

The one that has the emergency $10,000 is a 30 year SBA emergency loan. You can borrow up to $2 million (if I remember right), but the emergency $10,000 is forgiven as long as it only goes towards the allowable things.

The Payroll Protection one can all be forgiven, but you can't get it as fast, and it takes a lot more figuring out to decide how much you can have. It's a 2 year loan that is forgivable as long as you rehire everyone and keep them all on payroll and don't spend the money on disallowed things.

 

I did this one first.

 

I read it as the 10k would be more of an advance while waiting for the care loan.

 

Its a 10k forgivable loan.

 

They need to be more clear on this. Monday the buzz was that you better get on sba.gov and fill out the application as they're going to run out of money. This app was for the EDIL and asked if you want to be considered for a $10K advance. This app also talked about the ppl but not very specifically (not like the app that is floating around now). So I submitted my app, got a confirmation number and it said there would be follow up emails. But I've gotten nothing since. Yesterday when I got the ppl application I got nervous that I might not be able to get it because I already submitted for the EDIL, and the PPL will work out much mbetter for us. Spoke with my bank today, they don't think it will be a problem? Hopefully not. Got all my paperwork ready to file tomorrow.

 

Has anyone gotten their $10k yet?

 

Just submitted the PPP application. And still haven't heard anything back from the earlier EDIL app.