Many businesses are calling and eager to learn more about the granting portion of the CARES Act. Here is what we know so far, but keep in mind the implementation of this is still being worked out.
On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.
Those entities include small businesses, sole proprietors, private non-profits, independent contractors, cooperatives, ESOPs, and tribal units, all with under 500 employees that apply for loans in response to the COVID-19. Upon verification, the government, through lending institutions that work with the SBA, will provide grants up to $10,000. The applying entity has to have been in business for at least a year, which may be waived, but certainly before January 31, 2020.
If you wish to apply for the Advance on your EIDL, please use the link below and fill out the form as soon as possible. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.
SBA Streamlined Application
Coronavirus Emergency Loans Guide and Checklist for
Small Businesses and Nonprofits