Eidl Grant Stimulus Package

Expands the economic injury disaster loan eidl program provides 40 billion to extend the small business administration eidl grants through december 31 2021 and sets aside 20 billion for employers in low income areas with 300 or less employees who experience at least a 30 economic loss allowing them to receive a 10 000 grant.

Eidl grant stimulus package. The eidl grant can be used to cover most operating expenses including rent utilities and fixed debt payments. By way of background the cares act that was passed march 27 2020 included a grant or advance for those who applied for an eidl loan in the amount of up to 10 000. In the new 900 billion stimulus package that was signed into law on december 27th 2020 there is new eidl grant funding available.

The 10 000 grant advance program has been re established and will be available to eligible applicants in low income communities who did not secure grants the first time around. Low income is defined as an area with a poverty rate in excess of 20 or an area where the median household income falls below 80 of your state s median household income. To qualify for an eidl grant your business must be located in a community designated as low income.