Welcome To Signs101.com: Largest Forum for Signmaking Professionals

Signs101.com: Largest Forum for Signmaking Professionals is the LARGEST online community & discussion forum for professional sign-makers and graphic designers.

 


  1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

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

Discussion in 'General Chit-Chat' started by Texas_Signmaker, Apr 2, 2020.

  1. Texas_Signmaker

    Texas_Signmaker Very Active Signmaker

    4,007
    1,465
    113
    Oct 21, 2016
    Frisco, TX
    This is not related to the payroll loan thing, this is a quick and easy way to get $10k for self-employed people. Took me 10 minutes to fill it out.

    Application: https://covid19relief.sba.gov/#/
     
    Tags:
    • Like Like x 2
  2. Reveal1

    Reveal1 Member

    349
    108
    43
    Nov 7, 2010
    Cape Girardeau, MO
    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:
     

    Attached Files:

  3. Texas_Signmaker

    Texas_Signmaker Very Active Signmaker

    4,007
    1,465
    113
    Oct 21, 2016
    Frisco, TX
    Yes this really just benefits self-employed people w/o employees.
     
  4. LarryB

    LarryB Member

    261
    16
    18
    Dec 3, 2006
    Webster, Texas
    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.
     
  5. Reveal1

    Reveal1 Member

    349
    108
    43
    Nov 7, 2010
    Cape Girardeau, MO
    The PPP also applies to self-employed
     
  6. Texas_Signmaker

    Texas_Signmaker Very Active Signmaker

    4,007
    1,465
    113
    Oct 21, 2016
    Frisco, TX
    You don't have to pay back the $10,000
     
  7. Reveal1

    Reveal1 Member

    349
    108
    43
    Nov 7, 2010
    Cape Girardeau, MO
    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.
     
  8. JBurton

    JBurton Signtologist

    1,355
    279
    83
    Sep 28, 2017
    Arkansas
    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...?
     
  9. LarryB

    LarryB Member

    261
    16
    18
    Dec 3, 2006
    Webster, Texas
    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
     
  10. bannertime

    bannertime "You guys do banners, right?"

    2,095
    481
    83
    Sep 8, 2016
    Arlington, TX
    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.
     
  11. Texas_Signmaker

    Texas_Signmaker Very Active Signmaker

    4,007
    1,465
    113
    Oct 21, 2016
    Frisco, TX
    Well, the government hasn't clarified if you're allowed to do both yet. They should come out with that this week. If it's one or the other you need to pick which is right for you. Obviously if you have no employees then the disaster program is the right choice. If you have employees and payroll, the PPP is probably the right move.

    Depending on what the interest rate is and terms on the amount over $10k, I might take them up on more $$ and move some higher interest debt around.
     
  12. LarryB

    LarryB Member

    261
    16
    18
    Dec 3, 2006
    Webster, Texas
    • Like Like x 1
  13. unclebun

    unclebun Very Active Member

    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.
     
  14. WYLDGFI

    WYLDGFI Merchant Member

    1,025
    39
    48
    Oct 27, 2006
    Linden, NJ
    I did this one first.
     
  15. Notarealsignguy

    Notarealsignguy Active Member

    511
    99
    28
    Feb 20, 2020
    Florida
    I read it as the 10k would be more of an advance while waiting for the care loan.
     
  16. WYLDGFI

    WYLDGFI Merchant Member

    1,025
    39
    48
    Oct 27, 2006
    Linden, NJ
    Its a 10k forgivable loan.
     
  17. Signed Out

    Signed Out Very Active Member

    1,079
    22
    38
    Aug 6, 2010
    Upstate NY
    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.
     
  18. zspace

    zspace Merchant Member

    92
    26
    18
    Jul 9, 2013
    Houston, TX
    Has anyone gotten their $10k yet?
     
  19. Texas_Signmaker

    Texas_Signmaker Very Active Signmaker

    4,007
    1,465
    113
    Oct 21, 2016
    Frisco, TX
    It says the loans will be funded within 3 days. They just started accepting applications today. (Even if you filled it out earlier)
     
  20. Signed Out

    Signed Out Very Active Member

    1,079
    22
    38
    Aug 6, 2010
    Upstate NY
    Just submitted the PPP application. And still haven't heard anything back from the earlier EDIL app.
     
Loading...

Share This Page

 


Loading...