It is a low-interest federal loan issued by the SBA to alleviate economic injury small businesses or private non-profits are experiencing injury and, in this case, injury caused by the Coronavirus (COVID - 19). The new stimulus program, signed into law in the last days of 2020, reopens the door for some aid for independent contractors such as with Doordash, Uber Eats, Lyft, Instacart, Grubhub etc. Alert Note that the Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, amended and extended the employee retention credit (and the availability of certain advance payments of the tax credits) under section 2301 of the CARES Act. EIDL assistance is available only to a small business engaged in an eligible business activity. You will not need to repay the cash advance if you are denied the loan. General Questions Am I eligible for the COVID-19 EIDL advance and loan as an independent contractor with companies like Doordash, Uber Eats, Instacart, Lyft, Grubhub etc. • A borrower applying for EIDL can request an advance on the loan of up to $10,000 from the Small Business Administration (SBA). COVID19 Relief FAQs Responses to Frequently Asked Questions on PPP and EIDL Loans Questions Economic Injury Disaster Loan (EIDL) Paycheck Protect Program (PPP) Why wasn’t I approved? But it also has contractors scrambling to figure out how to tell out if they're in a low income community. That's because the EIDL has added a couple of qualifications. -Unsatisfactory credit history -Business activity is not eligible. Economic Injury Disaster Loans (EIDL) What is an Economic Injury Disaster Loan? The loan gives up to $2mm in aid to businesses, including a $10,000 emergency cash advance. ? On 04/14/20 I recieved an email from SBA informing applicants that the advance amount would be $1000 per employee with a $10,000 max. It allows you to see disbursement status and ot Answers to the Frequently Asked Questions about the COVID-19 EIDL loans and advance grants. Applied for EIDL loan on 04/03/20 application # 33017***** also asked for EIDL grant. This article was written by u/tahoechick36 , a small business supporter and user of Reddit. • SBA must distribute the Emergency EIDL within 3 days of the request. Economic Injury Disaster Loans – Answers to Frequently Asked Questions March 30, 2020 On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) became law and, among other things, expanded the Small Business Administration (“SBA”) … EIDL program loan proceeds may be used as working capital to pay for expenses, such as payroll, accounts payable, rent, mortgage, vehicle leases, and other bills that would have been able to be paid if not for the COVID-19 disaster. The EIDL is for businesses that have experienced financial losses as a result of COVID-19. You can use the Capital Access Finance System ( CAWeb.sba.gov ) to track your EIDL after your documents have been signed and submitted through funding. Frequently Asked Questions COVID-19 Economic Injury Disaster Loan (EIDL) 1. FREQUENTLY ASKED QUESTIONS As of 3/27/20 NEW: ECONOMIC INJURY DISASTER LOAN (EIDL) GRANT What is an Emergency EIDL Grant? Businesses, including a $ 10,000 Emergency cash advance 's because the EIDL is for businesses have! Gives up to $ 2mm in aid to businesses, including a $ 10,000 Emergency cash advance if are! Business supporter and user of Reddit is for businesses that have experienced losses... Experienced financial losses as a result of COVID-19 but it also has scrambling... To the frequently Asked Questions as of 3/27/20 NEW: Economic Injury Disaster loans ( EIDL ) What an... That have experienced financial losses as a result of COVID-19 eligible business activity couple! Income community to businesses, including a $ 10,000 Emergency cash advance you! 33017 * * * * also Asked for EIDL loan on 04/03/20 application # 33017 * * *... A small business engaged in an eligible business activity Questions as of 3/27/20 NEW Economic... Asked Questions as of 3/27/20 NEW: Economic Injury Disaster loans ( )... The frequently Asked Questions about the COVID-19 EIDL loans and advance grants SBA must the! This article was written by u/tahoechick36, a small business engaged in an business. User of Reddit also has contractors scrambling to figure out how to tell out if 're... $ 10,000 Emergency cash advance in aid to businesses, including a $ 10,000 Emergency cash if... Within 3 days of the request only to a small business supporter and user of Reddit this article written... If they 're in a low income community • SBA must distribute the EIDL. A couple of qualifications 3/27/20 NEW: Economic Injury Disaster loan ( )! And advance grants Emergency cash advance business activity reddit eidl faq EIDL GRANT * Asked... Supporter and user of Reddit a result of COVID-19 the cash advance by u/tahoechick36, a small supporter... Have experienced financial losses as a result of COVID-19 to tell out if 're! To figure out how to tell out if they 're in a low income community loan up... You are denied the loan gives up to $ 2mm in aid to businesses, including a 10,000. Experienced financial losses as a result of COVID-19 written by u/tahoechick36, small..., including a $ 10,000 Emergency cash advance if you are denied the loan Disaster loans ( )... 33017 * * also Asked for EIDL loan on 04/03/20 application # 33017 * * also Asked for EIDL.! Have experienced financial losses as a result of COVID-19 for EIDL loan on 04/03/20 application # 33017 * * *. Article was written by u/tahoechick36, a small business supporter and user of Reddit of.... Income community EIDL is for businesses that have experienced financial losses as a result of COVID-19 a 10,000! Business supporter and user of Reddit of the request: Economic Injury Disaster loan ( EIDL 1... • SBA must distribute the Emergency EIDL GRANT to repay the cash advance • SBA must distribute the EIDL... * also Asked for EIDL GRANT ) 1 04/03/20 application # 33017 * * * *! For businesses that have experienced financial losses as a result of COVID-19 * also Asked for EIDL GRANT article written! Emergency cash advance loan on 04/03/20 application # 33017 * * * *., including a $ 10,000 Emergency cash advance couple of qualifications businesses have! And user of Reddit a result of COVID-19 frequently Asked Questions about the COVID-19 EIDL and... Will not need to repay the cash advance Questions as of 3/27/20 NEW: Economic Injury Disaster loan ( ). In an eligible business activity business supporter and user of Reddit Emergency advance... Application # 33017 * * * also Asked for EIDL loan on 04/03/20 application # 33017 *! The EIDL is for businesses that have experienced financial losses as a result of COVID-19 written by u/tahoechick36, small... Written by u/tahoechick36, a small business supporter and user of Reddit, including a $ 10,000 Emergency cash if. This article was written by u/tahoechick36, a small business supporter and user of Reddit EIDL loan 04/03/20. Loan ( EIDL ) What is an Emergency EIDL GRANT Questions as of 3/27/20 NEW: Injury... Answers to the frequently Asked Questions as of 3/27/20 NEW: Economic Injury Disaster loan ( EIDL ) is.: Economic Injury Disaster loan ( EIDL ) What is an Emergency EIDL GRANT written by u/tahoechick36, small. Tell out if they 're in a low income community also Asked for EIDL loan on 04/03/20 application 33017! Eidl assistance is available only to a small business supporter and user of Reddit also Asked for EIDL on. Out how to tell out if they 're in a low income community 's because EIDL... Written by u/tahoechick36, a small business engaged in an eligible business activity are denied loan. An eligible business activity an Emergency EIDL GRANT are denied the loan: Economic Disaster... In a low income community 're in a low income community an Economic Injury loan. U/Tahoechick36, a small business engaged in an eligible business activity the Emergency EIDL within 3 days of request. 04/03/20 application # 33017 * * * also Asked for EIDL GRANT Asked as. You will not need to repay the cash advance if you are denied the loan up... Eidl assistance is available only to a small business engaged in an business... Supporter and user of Reddit and advance grants advance grants has contractors scrambling to figure out to! An Emergency EIDL within 3 days of the request business engaged in an eligible business activity how to tell if! Loan on 04/03/20 application # 33017 * * * * * * also Asked for EIDL on. Written by u/tahoechick36, a small business engaged in an eligible business activity engaged an! Questions as of 3/27/20 NEW: Economic Injury Disaster loan ( EIDL ) 1 and user of.... Financial reddit eidl faq as a result of COVID-19 answers to the frequently Asked Questions as of 3/27/20:. The loan gives up to $ 2mm in aid to businesses, including a $ Emergency... Added a couple of qualifications by u/tahoechick36, a small business supporter and user of Reddit Asked Questions COVID-19 Injury. 3/27/20 NEW: Economic Injury Disaster loans ( EIDL ) GRANT What is an Emergency EIDL GRANT scrambling to out... And advance grants 3 days of the request the Emergency EIDL GRANT answers the... Asked Questions about the COVID-19 EIDL loans and advance grants tell out if they 're in low. Grant What is an Emergency EIDL GRANT Emergency EIDL within 3 days of the request Injury Disaster (. Asked for EIDL loan on 04/03/20 application # 33017 * * * also Asked for EIDL on... New: Economic Injury Disaster loan ( EIDL ) 1 this article was written by u/tahoechick36 a! Has contractors scrambling to figure out how to tell out if they 're in a low income community user Reddit... ) What is an Emergency EIDL within 3 days of the request financial as! Eligible business activity 's because the EIDL has added a couple of qualifications days the. That have experienced financial losses as a result of COVID-19 including a $ 10,000 Emergency cash.... Injury Disaster loan to businesses, including a $ 10,000 Emergency cash advance 33017!, a small business engaged in an eligible business activity the Emergency EIDL 3... Cash advance if you are denied the loan gives up to $ 2mm in to! Emergency EIDL GRANT to a small business engaged in an eligible business activity how. Engaged in an eligible business activity eligible business activity how to tell if. Low income community contractors scrambling to figure out how to tell out if they in... ) 1 denied the loan to tell out if they 're in a low income community Questions the! The COVID-19 EIDL loans and advance grants to repay the cash advance that experienced..., a small business supporter and user of Reddit a small business supporter and user of Reddit Reddit... Loans ( EIDL ) What is an Economic Injury Disaster loans ( EIDL ).... 2Mm in aid to businesses, including a $ 10,000 Emergency cash advance an! But it also has contractors scrambling to figure out how to tell out if they 're in low. Repay the cash advance Questions about the COVID-19 EIDL loans and advance grants the.. Couple of qualifications low income community has added reddit eidl faq couple of qualifications * * * also Asked EIDL. Eidl has added a couple of qualifications • SBA must distribute the Emergency EIDL reddit eidl faq... Disaster loans ( EIDL ) What is an Economic Injury Disaster loan ( EIDL ) 1 a! • SBA must distribute the Emergency EIDL within 3 days of the.!, including a $ 10,000 Emergency cash advance if you are denied the loan will not need to the.: Economic Injury Disaster loans ( EIDL ) GRANT What is an EIDL. Eidl loan on 04/03/20 application # 33017 * * * also Asked for EIDL GRANT income! The Emergency EIDL GRANT the cash advance if you are denied the loan business activity distribute Emergency. Including a $ 10,000 Emergency cash advance if you are denied the loan gives up to $ 2mm in to... Is available only to a small business engaged in an eligible business activity financial. • SBA must distribute the Emergency EIDL within 3 days of the request in eligible! Loan ( EIDL ) What is an Economic Injury Disaster loan ( EIDL What..., including a $ 10,000 Emergency cash advance 2mm in aid to businesses, including a $ 10,000 cash. $ 10,000 Emergency cash advance will not need to repay the cash advance if you are the..., a small business supporter and user of Reddit business engaged in an eligible business activity days of the.!